Oil prices narrowly moved in the upward direction with OPEC and its allies agreeing to a reduced-than-expected increase in production, which quelled market fears that the supply could rise in huge numbers.
Brent crude rose to more than US$65 a barrel, and West Texas Intermediate (WTI) was buying around US$61 during the early trade in Asia.
Russia and its coalition partners agreed on Sunday to increase output by only 137,000 barrels per day in a month, much less than was speculated previously.
The modest action gave some relief to traders following the steep losses of the crude prices last week, which fell by 8 percent.
The decline seen in the year-to-date has been driven by fear that the world supply might soon exceed demand, with the projected International Energy Agency showing a record surplus in the year 2026.
The market balances have also been softened with several large Wall Street banks even warning of lower oil prices in the months to come.
In the effort to reclaim the market share lost to non-member producers, OPEC+ has slowly lifted its supply restrictions this year.
The group is targeting to resume 2.2 million barrels a day of the grounded production in stages, then another layer of the recovered production. Therefore, the real increases have always been lower than stated targets.
The meeting on Sunday lasted nine minutes, and it came after the reported differences between Saudi Arabia and Russia.
People conversant with the negotiations indicated that Moscow wanted fewer adjustments to aid the prices, whereas Riyadh would have wanted increased adjustments to protect its portion in the world market.
Brent has settlement has surged 1 percent to US $65.17 in December, a barrel, and WTI settlement has surged 0.9 percent to 61.44 in November.
