New york: Oil prices climbed around 1% at Monday's close after OPEC+ announced a smaller-than-expected production increase for November, easing some supply concerns. However, weak demand outlooks may limit further gains in the near term.

According to Qatar News Agency, Brent crude futures rose by 94 cents, or 1.46%, to settle at $65.47 per barrel, while US West Texas Intermediate (WTI) crude gained 81 cents, or 1.33%, to $61.69. OPEC+ stated on Monday it would raise oil output by 137,000 barrels per day in November, mirroring the increase applied in October, which has sparked ongoing concerns about oversupply.