Singapore: Oil prices rose by more than 1.5% in early Asian trading on Monday after the OPEC+ alliance decided to maintain current production levels, shelving a previously planned output increase for the first quarter of next year. Brent crude futures advanced 94 cents, or 1.51%, to $63.32 a barrel, while US West Texas Intermediate (WTI) crude gained 90 cents, or 1.54%, to $59.45 a barrel.

According to Qatar News Agency, OPEC+ confirmed at its meeting on Sunday that it would keep oil output unchanged during January, February and March 2026, as it adopts a cautious approach to regaining market share amid growing concerns over a potential supply glut and weakening global demand.