WTI climbs above $61.50 on lower-than-expected OPEC+ output hike

• WTI price rises to near $61.55 in Monday’s Asian session.
• OPEC+ will add oil output from November by 137,000 bpd. 
• Ukraine continued to intensify its attacks on Russian energy facilities. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.55 during the Asian trading hours on Monday. The WTI jumps after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to raise production by a modest amount in November. Traders brace for the release of the American Petroleum Institute (API) weekly crude oil stock report later on Tuesday. 

OPEC+ agreed to a modest increase in its November oil production as group leaders Saudi Arabia and Russia overcame a difference in position. The group will raise oil output from November by 137,000 bpd next month. OPEC+ has increased its oil output targets by more than 2.7 million bpd this year, accounting for over 2.5% of world demand.

"The price jump has primarily been boosted by OPEC+'s decision for a lower-than-expected production hike next month as the group intended to buffer the recent slump in oil markets," said independent analyst Tina Teng.

Ukraine continued to intensify its attacks on Russian energy facilities, targeting the Kirishi refinery, one of Russia's largest refineries, per Reuters. The persistent geopolitical risks between Russia and Ukraine might contribute to the WTI price’s upside. 

The US will provide Ukraine with intelligence for long-range missile strikes on Russian energy infrastructure. These sources said that it will make it easier for Ukraine to hit refineries, pipelines and other infrastructure with the aim of depriving the Kremlin of revenue and oil.