Muscat: Oil prices rose nearly 1% today as investors shrugged off concerns about oversupply after digesting a decision earlier by OPEC+ to limit production increases next month. Brent crude futures gained 63 cents, or 0.96%, to $66.08 per barrel, while US West Texas Intermediate (WTI) crude rose 66 cents, or 1.07%, to $62.39.

According to Oman News Agency, the benchmarks had settled broadly flat in the previous session as traders weighed signs of a potential supply glut against the smaller-than-expected output increase announced by the Organization of the Petroleum Exporting Countries (OPEC) and its allies. The decision by OPEC+ to limit production increases appears to have alleviated some fears in the market, prompting the rise in oil prices.

The development comes amid ongoing discussions within OPEC+ regarding future production strategies, which have significant implications for global oil supply and prices. The reaction of the markets suggests a cautious optimism among investors, who seem to believe that the organization’s actions may help stabilize oil prices despite ongoing concerns about oversupply.