Oil prices rose on Wednesday as investors shrugged off concerns about oversupply and focused on OPEC 's decision to limit production increases next month.
Brent crude futures gained 48 cents, or 0.7, to trade at 65.93 a barrel by 5:00 a.m. WAT, while U.S. West Texas Intermediate WTI crude rose 51 cents, or 0.8, to 62.24.
OPEC agreed to raise output by 137,000 barrels per day - the smallest increase among the options considered during its weekend meeting.