By George Glover

Oil prices were rising on Monday after the OPEC+ cartel said it would hike its crude output by less than some market participants had expected.

The Brent international benchmark jumped 1.8% to $65.68 a barrel, and West Texas Intermediate U.S. prices rose 1.7% to $61.94 a barrel.

The moves came after OPEC+ and its allies agreed to raise production by 137,000 barrels a day for November, the same as its output hike for October.

The cartel is bidding to claw back some of the market share it has lost to the U.S., Brazil, and Guyana, but it's also bidding to maintain a floor on prices, which have tumbled this year due to expectations of a supply glut and worries about faltering demand.

Shares in oil majors were also rising after OPEC+ said it would up its output. Exxon Mobil stock was up 0.7%, and Chevron rose 0.8% ahead of the U.S. opening bell. Futures tracking the S&P 500 were 0.4% higher.

Write to George Glover at george.glover@dowjones.com

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October 06, 2025 07:43 ET (11:43 GMT)

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