Oil prices rose during Wednesday’s trading as concerns over market oversupply eased, following the absorption of the OPEC+ alliance’s decision to increase production in November at a limited pace.
Brent crude futures rose 0.7 percent, or 46 cents, to 65.91 dollars per barrel. Both benchmark crudes were largely stable in Tuesday’s session as investors evaluated the market balance between indicators of abundant supply on one hand and the smaller-than-expected OPEC+ production increase on the other.
The alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its partners, decided to raise output by only 137 thousand barrels per day — the smallest increase among the options discussed earlier in the week.
