Oil prices rose on Monday in early trade, paring last week’s losses, after OPEC+ agreed over the weekend to raise output further but at a slower pace from October due to an anticipated weakening of global demand.
Brent crude gained 23 cents, or 0.4%, to $65.73 a barrel by 2213 GMT, while U.S. West Texas Intermediate crude climbed 21 cents, or 0.3%, to $62.08 a barrel.
Both benchmarks fell over 2% on Friday as a weak U.S. jobs report dimmed the outlook for energy demand. They lost more than 3% last week.
OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, has agreed to further raise oil production from October as its leader Saudi Arabia pushes to regain market share, while slowing the pace of increases compared with previous months.
OPEC+ has been increasing production since April after years of cuts to support the oil market, but the Sunday decision to further boost output came as a surprise amid a likely looming oil glut in the northern hemisphere winter months.
Eight members of OPEC+ agreed on Sunday in an online meeting to raise production from October by 137,000 barrels per day, it said in a statement, much lower than the monthly increases of about 555,000 bpd for September and August and 411,000 bpd in July and June.
(Reporting by Yuka Obayashi; editing by Diane Craft)