REUTERS

Oil prices climbed on Monday, recouping some losses from the previous session as hopes that OPEC+ will hold current output curbs offset concerns about weaker fuel demand due to rising COVID-19 cases and higher production from Libya.

Figures showing a rebound in the world's second and third largest economies, China and Japan, also supported prices, along with data that Chinese refineries processed the most crude ever in October on a daily basis, as reported by Reuters.

Brent crude futures for January rose 44 cents, or 1%, to $43.22 a barrel by 0204 GMT, while U.S. West Texas Intermediate crude for December was at $40.67 a barrel, up 54 cents, or 1.4%.

Read alsoEBRD to provide loan for developing mineral deposits in Ukraine – CabinetBoth contracts gained more than 8% last week on hopes of a COVID-19 vaccine and that the Organization of the Petroleum Exporting Countries (OPEC) and their allies including Russia will maintain lower output next year to support prices.

The group, also known as OPEC+, has been cutting production by about 7.7 million barrels per day, with a compliance rate seen at 101% in October, and had planned to increase output by 2 million bpd from January.

OPEC+ is due to hold a ministerial committee meeting on Tuesday which could recommend changes to production quotas when all the ministers meet on Nov. 30 and Dec. 1.