Oil rises on OPEC+ output plan, Venezuela worries

Group 1: Oil Price Movements - Oil prices increased by as much as 1.5% following OPEC+ members' reaffirmation of a plan to pause production increases in Q1 of next year, with Brent crude futures later rising 0.98% to $62.99 per barrel and US West Texas Intermediate crude up 0.99% to $59.12 per barrel [1][4]. Group 2: OPEC+ Decisions - OPEC+ initially agreed to pause production increases in early November to mitigate fears of a supply glut in the market [2][5]. - The organization emphasized the importance of a cautious approach and maintaining flexibility to pause or reverse additional voluntary production adjustments [4][5]. Group 3: Market Uncertainties - US President Donald Trump's decision to close Venezuelan airspace has introduced new uncertainties in the oil market, particularly affecting Venezuelan crude oil supply risks [5][6]. - Increasing uncertainty surrounding a potential Russia-Ukraine peace deal has shifted market sentiment, reversing previous bearish trends and raising concerns about the influx of sanctioned Russian oil into the market [6].