Crude Oil Prices Rise as OPEC+ Holds Off Production Hikes; Brent at $65.24

Crude oil prices advanced in early Asian trade on Monday after OPEC+ decided to maintain its current production strategy for the first quarter of next year. The move eased concerns about a potential supply glut that had weighed on prices in recent months.

Global Price Movement

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 (WTI) crude was at $61.43 a barrel, up 45 cents, or 0.74%, following a 41-cent gain in the previous session.

OPEC+ Output Decision

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to raise output by 137,000 barrels per day in December, consistent with increases for October and November. This decision aims to balance supply concerns while supporting price stability.

Market Context

Brent and WTI fell more than 2% for the third consecutive month in October, hitting a five-month low on October 20 amid fears of oversupply and economic uncertainty linked to U.S. tariffs. Analysts expect oil price forecasts to remain largely unchanged as rising OPEC+ output and subdued demand offset geopolitical risks.

The Energy Information Administration reported U.S. crude oil output rose by 86,000 barrels per day to a record 13.8 million barrels per day in August. Estimates of global oil market surplus range from 0.19 to 3 million barrels per day.

Crude Oil Price on MCX

Crude Oil price on MCX (Multi Commodity Exchange) as of 09:29 IST on November 3, 2025, ₹5,454.00 per barrel (+₹32.00|+0.59%).

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Conclusion

Oil prices gained in early trade as OPEC+ maintained its cautious approach to production hikes, supporting market sentiment. With Brent and WTI rebounding from recent lows and MCX crude trading higher, attention now shifts to demand trends and inventory data for further cues.

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