Oil prices rose on Wednesday as investors brushed off oversupply fears and the decision by OPEC+ to hold back production increases next month.
Brent crude futures rose 48 cents, or 0.7%, to $65.93 a barrel by 0500 AM WAT. U.S. West Texas Intermediate crude climbed 51 cents, or 0.8%, to $62.24.
OPEC+ had opted for a rise of 137,000 barrels a day, the lowest amount among options the group discussed over the weekend.
The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from OPEC+ and affiliates.
Prices are trading higher for now as some traders are holding long positions, or bets that prices will rise, on continued efforts to curb Russian crude flows.
Investors are also awaiting U.S. inventory data from the Energy Information Administration later on Wednesday.
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