Oil extends gains on smaller-than-expected OPEC+ output hike

Oil prices extended gains on Tuesday as a smaller-than-expected November output hike by OPEC+ helped to ease some fears of a growing supply glut. Brent crude futures advanced 23 cents, or 0.35%, to $65.70 a barrel by 0356 GMT. US West Texas Intermediate crude climbed 21 cents, or 0.34%, to $61.90. Both contracts settled more than 1% higher in the previous session after the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers - known as OPEC+ - decided to increase its collective oil production by 137,000 barrels per day starting in November. The move was in contrast to market expectations for a more aggressive reintroduction of supply, a sign that the group remains cautious about increasing its production share in the global oil market amid predictions of a supply surplus in the fourth quarter as well as next year, said ING analysts.