Oil prices have increased by more than 1% on Monday after the increase in production forecast by OPEC+ for November was more modest than expected, alleviating some concerns regarding supply additions, although weak demand prospects are likely to limit short-term gains.

Crude Oil Futures Brent rose 89 cents, or 1.4%, to $65.42 per barrel at 11:07 GMT, while American West Texas Intermediate crude oil was at 61.72 dollars, up 84 cents, also about 1.4%.

“The market expected an increase a bit more important on the part of OPEC+, as shown by the structure of last week,” said Janiv Shah, an analyst at Rystad.

“However, the modest 137,000 b/d are swelling the already surplus balance sheet for the fourth quarter of 2025 and 2026

Sunday, the Organization of Countries oil exporters (OPEC), Russia and some small producers have announced that they would increase production by 137,000 barrels per day (bpd) compared to November, to correspond to the October figure, in a a context of continuing concern about an impending oversupply.