Oil Rises on Modest OPEC+ Output HikeSingapore, 7 Oct (ONA) — Oil prices rose today after the OPEC+ alliance announced a smaller-than-expected production increase for November, easing concerns about oversupply in the global market. Brent crude futures gained 23 cents, or 0.35%, to trade at $65.70 per barrel, while US West Texas Intermediate (WTI) crude rose 21 cents, or 0.34%, to $61.90 per barrel. Both benchmarks had settled more than 1% higher in the previous session, supported by the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, to raise collective output by only 137,000 barrels per day (bpd) starting in November — a smaller increase than many market participants had anticipated. OPEC+ has raised its production targets by over 2.7 million bpd so far this year, equivalent to roughly 2.5% of global demand, as the group gradually eases cuts introduced during the pandemic to stabilize the market. Analysts said the modest adjustment signaled a cautious approach by producers, reflecting lingering uncertainty about global demand growth and the pace of economic recovery.— Ends/Khalid