Market News
Oil prices rise as oversupply fears ease after OPEC+ limits output increase -
Oil prices rose around 1.3% on Wednesday as investors' fears of an oversupply eased after a decision from the OPEC cartel and its allies to limit production increases next month.
On Sunday, the Organization of the Petroleum Exporting Countries, plus Russia and some smaller producers, a group known as OPEC+, said it would raise production from November by 137,000 barrels per day, matching October's figure.
The production increase was more modest than expected, tempering some concerns about a supply glut, though a soft outlook for demand is likely to cap near-term gains.
