Oil prices open up around 1% after modest OPEC+ output hike

Oil prices rose about 1% at the start of trading on Monday after OPEC+ announced it would raise production from November by 137,000 barrels per day (bpd), the same modest monthly increase as in October, amid persistent worries over a looming supply glut.

Brent crude futures BRN1! rose 77 cents, or 1.2%, to $65.30 a barrel by 2203 GMT, while U.S. West Texas Intermediate crude CL1! was at $61.59, up 71 cents, or 1.2%.