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Oil prices settle up after OPEC+ opts for modest output increase
Business World Philippines
|September 10, 2025
Oil prices settled higher on Monday, recovering some of last week’s losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude.
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OPEC+ flagged plans to further increase production from October, but the amount was less than some analysts had anticipated. Reuters reported earlier this month that members were considering another hike.
“The market had run ahead of itself in regard to this OPEC+ increase,” said Ole Hansen, head of commodity strategy at Saxo Bank. “Today we're seeing a classic sell the rumor, buy the fact reaction.”
Brent crude settled up 52 cents, or 0.79%, to $66.02 a barrel, while US West Texas Intermediate (WTI) crude settled up 39 cents, or 0.63%, to $62.26 a barrel.
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