WASHINGTON (dpa-AFX) - Oil prices rallied on Monday after OPEC+ announced a modest production boost of 137,000 barrels a day in November, tempering some concerns about supply additions.
Benchmark Brent crude futures jumped 1.6 percent to $65.58 a barrel in European trade, while WTI crude futures were up 1.7 percent at $61.89.
OPEC and its allies have agreed on a restrained oil output increase on par with earlier moves, helping ease concerns about oversupply at a time of rising Venezuelan exports and the resumption of resumption of Kurdish oil flows via Turkey.
After an online meeting Sunday, eight leading OPEC+ countries, Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates, said they would raise oil production by 137,000 barrels a day in November, the same as the output increase in October.
The oil cartel noted that the decision reflects stable global economic prospects and strong market fundamentals, including low global inventories.
Chinese stockpiling of oil as well as geopolitical tensions also boosted oil prices. Russia reported destroying 251 Ukrainian drones overnight, mostly over its southwest and the Black Sea, with one heading towards Moscow.
Israel and Hamas are due to begin indirect talks in Egypt today, aimed at implementing U.S. President Donald Trump's Gaza peace plan.
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