Oil prices gained more than 1% lifted by renewed concerns over Russian crude supply after Moscow launched its largest airstrike on Ukraine, overshadowing OPEC+’s decision to raise production.
Brent crude rose 80 cents, or 1.2%, to $66.30 a barrel by 0345 GMT, while U.S. West Texas Intermediate (WTI) climbed 75 cents, or 1.2%, to $62.62. Both benchmarks had shed over 2% on Friday following weak U.S. jobs data that dampened the outlook for fuel demand.
OPEC+ — a coalition of the Organization of the Petroleum Exporting Countries, Russia, and other allies — announced on Sunday that it would boost production by 137,000 barrels per day (bpd) from October.
The increase is significantly lower than the roughly 555,000 bpd added in August and September, and 411,000 bpd in July and June.
Analysts said the smaller-than-expected output rise, coupled with fears of further sanctions on Russian crude, helped support prices. “Buying emerged as the output increase was smaller than anticipated, while fading prospects for peace in the Russia-Ukraine war and views that Russian oil won’t flood the market also supported prices,” said Satoru Yoshida, commodity analyst at Rakuten Securities.
The strike on Sunday set a key government building ablaze in Kyiv and killed at least four people, Ukrainian officials told Reuters.
U.S. President Donald Trump said European leaders would visit Washington early this week to discuss efforts to resolve the conflict.
