Baghdad: Oil prices rose by more than 1% on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain production levels unchanged in the first quarter of 2026. Brent crude futures rose 79 cents, or 1.27%, to settle at $63.17 a barrel. U.S. West Texas Intermediate crude futures also climbed 77 cents, or 1.32%, to $59.32 a barrel. According to National Iraqi News Agency, the decision by OPEC to keep production levels steady is aimed at stabilizing the market amid ongoing fluctuations in global demand. The move comes as oil-producing nations continue to navigate complex economic landscapes influenced by various geopolitical factors and market dynamics. The decision to freeze production levels is seen as a strategic approach to manage supply and demand effectively. The increase in oil prices reflects the market's response to OPEC's announcement, highlighting the organization's influence on global oil markets. The unchanged production levels are expected to play a significant role in shaping the energy sector's outlook for the upcoming quarter. Analysts will be closely monitoring the situation to assess the potential impact on global trade and economic activities.