Oil prices ticked higher in the early hours of Monday, extending their winning streak to a fourth straight session, after OPEC+ signaled plans to pause production increases in the first quarter of next year.
Brent crude rose to $65.15 per barrel, up 0.59% from the previous day, as traders reacted to the group’s decision to keep supply tight through the early months of 2026.
OPEC+ said it would still go ahead with a small output boost of 137,000 barrels per day in December, but will put further hikes on hold between January and March, citing lower seasonal demand.
The news helped calm worries about oversupply and gave the market a lift. Prices also found support from growing risks to Russian exports, following new U.S. sanctions on energy giants Rosneft and Lukoil, as well as Ukrainian drone attacks that have hit several oil facilities in recent weeks.
Over the weekend, one such strike reportedly damaged a tanker and triggered a fire at an oil terminal in Tuapse, a key Russian port on the Black Sea.
Even with Monday’s rise, Brent prices are still down nearly half a percent over the past month and about 13% lower than a year ago, showing how fragile the recovery has been.
But with OPEC+ tightening the taps early next year, some market watchers believe prices could find firmer ground heading into 2026.
