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Oil Rises on Modest OPEC+ Output Hike DecisionSingapore, 9 Sep (ONA) — Oil prices today gained after OPEC+ decided to increase production by less than what market participants had anticipated. Brent crude gained 22 cents, or 0.33%, to $66.24 a barrel, while US West Texas Intermediate crude climbed 24 cents, or 0.39%, to $62.50 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, agreed on Sunday to raise production from October by 137,000 barrels per day. That is much lower than the monthly increases of about 555,000 bpd for September and August, and 411,000 bpd in July and June. Prices were also supported by speculation of more sanctions on Russia. Further sanctions on Russia would diminish its oil supply to global markets, which could support higher oil prices.— Ends/Khalid
