Oil prices experienced an uptick on Monday during early trading, recovering some of the losses incurred last week, following OPEC+’s decision over the weekend to increase output at a more measured rate starting in October, driven by projections of declining global demand. Brent crude experienced an increase of 34 cents, representing a 0.5% rise, reaching $65.84 a barrel.

Meanwhile, U.S. West Texas Intermediate crude saw a gain of 30 cents, also a 0.5% increase, bringing it to $62.17 a barrel. Both benchmarks experienced a decline exceeding 2% on Friday, as a disappointing U.S. jobs report cast a shadow over the prospects for energy demand. The decline exceeded 3% in the previous week. OPEC+, comprising the Organization of the Petroleum Exporting Countries along with Russia and other allies, reached an agreement on Sunday to increase oil production starting in October. This decision comes as Saudi Arabia, the group’s leader, aims to reclaim market share, albeit at a more measured pace of increases compared to earlier months. OPEC+ has been augmenting production since April following years of reductions aimed at stabilizing the oil market. However, the recent decision to escalate output was unexpected, particularly in light of a probable oil surplus anticipated during the northern hemisphere’s winter months.

Eight members of OPEC+ are set to increase production by 137,000 barrels per day starting in October, a figure significantly lower than the monthly increments of approximately 555,000 bpd observed in September and August, as well as the 411,000 bpd recorded in July and June. “The oil market experienced a slight rebound, buoyed by relief regarding OPEC+’s modest increase in output and a technical correction following the decline observed last week,” stated Toshitaka Tazawa. He stated that while OPEC+ continues to increase output and supplies relax, downward pressure is expected to continue. “Expectations of tighter supply from potential new U.S. sanctions on Russia are also lending support,” he added. Russia executed its most extensive aerial assault of the conflict against Ukraine, igniting the principal government structure in central Kyiv and resulting in the deaths of at least four individuals, among them an infant.

U.S. President Donald Trump announced on Sunday that various European leaders are scheduled to visit the United States on Monday and Tuesday to engage in discussions aimed at addressing the Russia-Ukraine conflict. Trump expressed his dissatisfaction regarding the current state of the war, following inquiries from reporters concerning the extensive Russian air assault. However, he reiterated his belief that the conflict would be resolved in the near future. The European Union remains committed to its strategy of phasing out Russian oil by 2028, as stated by the bloc’s energy chief.