Oil rises over 1% as opec+ opts for modest supply hike

WTI crude oil futures rose over 1% rising above $62 per barrel on Monday after OPEC+ agreed to a modest production increase of 137,000 bpd for November, matching October?s hike. The move eased fears of a larger supply surge and reflected steady global economic conditions and healthy market fundamentals. OPEC+ has already rolled back 2.2 million bpd of cuts ahead of schedule and is unwinding another 1.65 million bpd. However, oil gains remained limited as concerns over the US government shutdown continue to weigh on economic growth and energy demand. The dollar index climbed above 98 on Monday, recovering last week?s losses as investors assessed the impact of the shutdown, which has suspended key federal programs and delayed major data releases, including September?s jobs report originally scheduled for Friday.

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