Doha: Oil prices gained around 1% in early trading on Monday after OPEC+ announced a lower-than-expected increase in production, easing some concerns about a potential supply surge. Brent crude futures rose 63 cents, or 1%, to $65.16 a barrel, while US West Texas Intermediate (WTI) crude climbed 58 cents, or 1%, to $61.46 a barrel.

According to Qatar News Agency, the Organization of the Petroleum Exporting Countries and its allies, including Russia (OPEC+), announced on Sunday that it would raise output by 137,000 barrels per day (bpd) from November. This decision matches the modest monthly increase agreed for October, amid persistent worries about a possible supply glut.