Oil prices rise on OPEC+ output plan, supply worries

Oil prices rose on Monday after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) members reaffirmed a plan to hold output steady, as the Caspian Pipeline Consortium halted exports after a major drone attack and US-Venezuela tensions raised concerns about supply.

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Brent crude futures advanced $1.01, or 1.62%, to $63.39 a barrel at 0401 GMT. US West Texas Intermediate (WTD crude gained $1, or L.71%, to $59.55.

Both contracts settled down on Friday for the fourth straight month, theirlongest losing streak since 2023, as expectations for higher global supply weighed on prices.

OPEC+ initially agreed on a pause in early November, slowing apush to regain market share with looming fears of a supply glut.

After a meeting on Sunday, OPEC? said it “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments.”