Oil prices close higher on OPEC+ plan to suspend production hikes

Oil drilling rigs

Oil prices rose at the close of trading today, Nov. 3, supported by the OPEC+ alliance's announcement that it intends to suspend production increases, despite pressure stemming from concerns about oversupply and weak industrial activity data from several major economies.

Brent crude futures for January delivery rose 0.19%, or 12 cents, to $64.89 a barrel. West Texas Intermediate (WTI) crude futures for December delivery gained 0.11%, or 7 cents, to $61.05 a barrel.

The OPEC+ agreed at a meeting last week to raise its production ceiling by 137,000 barrels per day starting in December, with any further increases frozen during the first quarter of 2026.

This decision prompted Morgan Stanley analysts to raise their forecast for Brent crude prices in the first half of next year to $60 a barrel, up from a previous estimate of $57.50.

However, oil prices came under pressure during trading today due to a slowdown in manufacturing activity in major economies, such as the United States, the Eurozone and China during October, raising concerns about the outlook for energy demand.