Oil prices climb as OPEC+ agrees to slower output increase from October

Singapore: Oil prices climbed in early trade on Monday, trimming some of last week's losses, after OPEC+ agreed to slow the pace of output increases from October amid expectations of weaker global demand.

Brent crude gained 34 cents, or 0.5%, to $65.84 a barrel, while US West Texas Intermediate (WTI) crude rose 30 cents, or 0.5%, to $62.17 a barrel.

Both benchmarks fell more than 2% on Friday as a weak US jobs report dimmed the outlook for energy demand. They lost more than 3% last week.

Under the new OPEC+ decision, eight member countries will lift production by 137,000 barrels per day (bpd) starting in October, far below the monthly increases of about 555,000 bpd for September and August, and 411,000 bpd in July and June.