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Oil prices remained largely steady on Monday as the market balanced OPEC+’s latest output increase against the group’s plans to pause production hikes in early 2026, alongside persistent concerns over oversupply and weak manufacturing data in Asia.

Brent crude rose 12 cents, or 0.2%, to settle at $64.89 a barrel.

WTI crude gained 7 cents, or 0.1%, to $61.05 a barrel.

OPEC+ agreed to raise output by 137,000 barrels per day in December but signalled a pause in production increases for the first quarter of 2026. The combination of the small December increase and the planned pause helped offset immediate downward pressure on prices, keeping market sentiment broadly neutral.

Demand-side concerns weighed on prices, with weak manufacturing activity across Asia, the world’s largest oil-consuming region, limiting near-term consumption growth. In addition, a firm US dollar added mild headwinds by raising crude costs for buyers using non-dollar currencies. These factors combined to keep price movements subdued despite OPEC+’s plans to cut supply.

Written: Aiman Haikal