Oil jumps 1.5% as OPEC+ signals cautious output hike

WTI crude oil futures rebounded above $63 on Monday, rising over 1.5% in Asia electronic trading, bringing the three-day slump came to an end. OPEC+ announced a modest output increase of 137,000 bpd from October, far smaller than prior monthly hikes, signaling caution amid weak demand and an impending market glut. Saudi Arabia?s move reflects its intent to regain market share while remaining wary of oversupply. Prices were further supported by concerns of tighter supply from potential new US sanctions on Russia, especially after Russia launched its largest air attack of the Ukraine war, targeting a government building in Kyiv. The geopolitical tensions and ongoing uncertainty surrounding the conflict continue to bolster oil?s safe-haven appeal in a volatile market environment.

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