Oil extends gains after OPEC+ pauses Q1 output hikes

Core Insights - Oil prices increased in early Asian trade on Monday due to OPEC+ decision to maintain production levels in the first quarter of next year, which alleviated concerns about a potential supply glut [1] Group 1 - OPEC+ has opted not to increase production, which is a strategic move to stabilize oil prices [1] - The decision by OPEC+ has contributed to a rise in oil prices, indicating market confidence in managing supply levels [1] - The market reaction reflects easing fears regarding oversupply in the oil sector [1]