Brent crude futures inched up by 12 cents, or 0.19 percent, to settle at $64.89 a barrel, while U.S. West Texas Intermediate (WTI) gained seven cents, or 0.11 percent, closing at $61.05 a barrel. The modest price increase came after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced that they would boost oil production by 137,000 barrels per day in December 2025 but pause any additional output hikes during the first quarter of 2026. The decision aims to maintain market stability amid fluctuating global demand and ongoing geopolitical tensions. Meanwhile, new data from the U.S. Energy Information Administration (EIA) showed that U.S. crude oil production hit a record 13.8 million barrels per day in August, marking an increase of 86,000 barrels per day from the previous month. Analysts say the record output reflects strong shale production and improved efficiency among American producers, factors that continue to influence global supply and pricing dynamics.