Pakistan, Oct. 6 -- SINGAPORE- Oil prices rose around 1.5% on Monday after OPEC+ announced a more modest production increase than expected, easing fears of a supply surge. However, analysts say that weak global demand could cap any near-term rally.

Brent crude futures rose 91 cents (1.4%) to $65.44 a barrel by 0315 GMT, while U.S. West Texas Intermediate (WTI) climbed 89 cents (1.5%) to $61.77. "The price jump has primarily been boosted by OPEC+'s decision for a lower-than-expected production hike next month," said Tina Teng, independent market analyst. "The group intended to buffer the recent slump in oil markets."

The Organization of the Petroleum Exporting Countries (OPEC), along with Russia and allied producers, said it would increa...