Oil prices continued to gain support on Tuesday from the cautious production increase announced by eight members of the OPEC+ group, which helped offset concerns over a potential global supply surplus, while rising geopolitical tensions over Ukrainian attacks on Russian energy infrastructure further supported prices by fueling supply disruption fears.
Brent crude was trading at $65.57 per barrel at 9.20 a.m. local time (0620 GMT), up 0.33% from the previous close of $65.35.
US benchmark West Texas Intermediate (WTI) increased by 0.32% to $61.69 from $61.49 in the prior session.
On October 5, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman agreed to raise November output by 137,000 barrels per day.
The measured decision reinforced market perceptions that the group remains focused on price stability rather than regaining market share, thereby lending support to prices.
Experts said the alliance is likely to maintain its cautious stance on boosting production amid forecasts of a supply surplus later this year and into 2026.
Rising geopolitical tensions, fueled by Ukraine's intensified attacks on Russian energy infrastructure, also supported oil prices by raising concerns over potential disruptions to Russia's export capacity.
Meanwhile, in the US, uncertainty over when the federal government will reopen after its shutdown has heightened risk perception in global markets, prompting investors to adopt a cautious approach.
Analysts noted that the prevailing uncertainty, combined with concerns that the government shutdown could lead to broader economic slowdown, continues to limit the upward movement in prices.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr