Crude prices rose over 1% on Wednesday, helped by a smaller-than-expected production increase from the OPEC+ producer group for next month, although concerns about oversupply are limiting gains.

European benchmark Brent futures gained 82 cents, or 1,3%, to $66.27 a barrel, and West Texas Intermediate (WTI) futures rose 85 cents, or 1,4%, to $62.58.

The benchmark indices were virtually flat the previous day as investors weighed signs of oversupply.

This excess is contrasted with a smaller-than-expected increase in November production by the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

OPEC+ agreed to raise its November production targets by 137,000 barrels per day (bpd), amid growing concerns about an imminent oversupply in the oil market.

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