Oil prices rise as OPEC+ pauses production hikes for Q1 amid glut fears

Oil prices climbed in early Asian trade on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, easing rising fears of a supply glut.

Brent crude futures rose 47 cents, or 0.73%, to $65.24 a barrel by 2336 GMT after closing 7 cents higher on Friday. U.S. West Texas Intermediate crude was at $61.43 a barrel, up 45 cents, or 0.74%, after settling up 41 cents in the previous session. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Sunday to raise output by 137,000 barrels per day in December, the same as for October and November.