Baghdad: Oil prices rose on Monday in early trading, recovering last week’s losses as OPEC+ agreed earlier this week to increase production, albeit at a slower pace starting in October due to expectations of weak global demand. Brent crude rose 34 cents, or 0.5%, to $65.84 a barrel by 00:47 GMT, while US West Texas Intermediate crude rose 30 cents, or 0.5%, to $62.17 a barrel.

According to National Iraqi News Agency, both benchmarks fell more than 2% on Friday as a weak US jobs report weighed on energy demand expectations. They lost more than 3% last week. OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies, agreed to increase oil production starting in October.

OPEC+ has been increasing production since April after years of cuts to support the oil market, but Sunday’s decision to increase production came as a surprise amid expectations of a looming oil supply glut during the winter months in the Northern Hemisphere.