On Monday, Brent crude oil traded at $65.21 per barrel in international markets, reflecting a modest increase following the weekend’s close.

Brent crude had reached $65.05 per barrel on Friday but ended the day at $64.57 per barrel. As of 09:38 GMT on Monday, the benchmark saw a 1% rise to $65.21, while West Texas Intermediate (WTI) crude traded at $61.37 per barrel at the same time.

Market observers attributed the price increase to OPEC+’s recent decision. The alliance, consisting of OPEC members and some non-OPEC producers, announced that eight of its member countries will pause production increases during the first quarter of next year, easing concerns over a potential supply glut in global markets.

“The OPEC+ production pause has reinforced market stability, contributing to Brent’s upward movement,” analysts noted.(ILKHA)