FX.co ★ Oil Rises Over 1% After OPEC+ Modest Output Hike

On Monday, West Texas Intermediate (WTI) crude oil futures experienced a rise of over 1%, reaching $61.7 per barrel. This increase came in the wake of a production hike from OPEC+ that was smaller than anticipated, allaying some fears surrounding supply expansion. The producer alliance, on Sunday, consented to a production increment of 137,000 barrels per day (bpd) for November, mirroring the modest increase implemented in October and significantly below various speculative figures considered prior to this decision. OPEC+ characterized this latest strategy as a response to a stable global economic outlook and currently robust market fundamentals, highlighting that production adjustments could either be halted or reversed should the conditions necessitate. By the finale of September, the consortium had already phased out a voluntary cut of 2.2 million bpd a year ahead of schedule and was in the midst of retracting an additional cut of 1.65 million bpd.