OPEC+ raises November oil output by 137,000 bpd

OPEC and allied producers agreed on Sunday to increase oil production by 137,000 barrels per day from November, a modest monthly rise that pushed crude prices up slightly as markets welcomed a smaller-than-expected quota change. The decision, announced after a brief meeting, continues a yearlong process in which the group has lifted output targets by more than 2.7 million barrels per day in an effort to reclaim market share from nonmember producers.

OPEC said the decision reflected a "steady global economic outlook and market fundamentals healthy because of low oil inventories." The 137,000 barrels per day increment matches the increase applied in October and is part of a staged unwinding of cuts that had peaked at 5.85 million barrels per day in March. That total included voluntary reductions, a 1.65 million barrels per day cut by eight members and an additional roughly 2 million barrels per day by the wider group. The eight producers have been removing those layers in stages and will meet again on November 2.

Markets reacted with a modest relief rally. Brent crude rose above $65 a barrel and U.S. West Texas Intermediate traded near $62, marking roughly a 1 percent gain in...