WTI attracts some buyers to near $61.50 as OPEC+ opts for modest oil output hike 

• WTI price gains ground near $61.45 in Tuesday's early Asian session.
• OPEC+ announced its decision to raise oil output by 137,000 barrels per day. 
• IEA projects the global oil market is headed for a record surplus next year of 3.33 million bpd. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.45 during the Asian trading hours on Tuesday. The WTI drifts higher after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a smaller-than-expected hike in its crude production levels. Traders await the release of the American Petroleum Institute (API) weekly crude oil stock report later on Tuesday. 

WTI price received some support as OPEC+ will raise oil output from November by 137,000 barrels per day (bpd), below market expectations of as much as a 500,000 bpd boost to production. The group has increased its oil output targets by more than 2.7 million bpd this year, accounting for over 2.5% of world demand.

"The price jump has primarily been boosted by OPEC+'s decision for a lower-than-expected production hike next month as the group intended to buffer the recent slump in oil markets," said independent analyst Tina Teng.

The ongoing war in Ukraine could lead to additional sanctions on Russian energy exports, reducing global oil supplies and supporting the black gold. The US proposed that the G7 allies impose tariffs as high as 100% on China and India for their purchases of Russian oil in an effort to convince Russia to end the war in Ukraine.  

On the other hand, IEA projected the global oil market is headed for a record surplus next year of 3.33 million bpd, about 360,000 bpd more than they forecast a month ago, as OPEC+ continues to revive production. This, in turn, might cap the upside for the WTI price in the near term.