Oil Prices Rise Even Though OPEC+ Is Pumping More Crude. Here’s Why.

OPEC’s headquarters in Vienna. the cartel and its allies agreed to raise production by 137,000 barrels a day for November (JOE KLAMAR/AFP via Getty Images)

Key Points

• Oil prices rose after OPEC+ announced a smaller-than-expected output hike for November.
• Brent crude increased by 0.9% to $65.11 a barrel; West Texas Intermediate rose 0.8% to $61.34 a barrel.
• OPEC+ will raise production by 137,000 barrels a day in November, matching October’s increase.

Oil prices were rising 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 0.9% to $65.11 a barrel, and West Texas Intermediate U.S. prices rose 0.8% to $61.34 a barrel.

Created with Highcharts 9.0.1Source: FactSet

Created with Highcharts 9.0.1WTIBrentOct. 5Oct. 600.250.500.751.001.251.501.752.002.25%

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.

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