Oil prices rose in early trading on Wednesday as markets began to shed concerns about current oversupply after absorbing OPEC+ alliance’s decision to limit production increases in November.

Brent crude futures climbed 40 cents, or 0.6%, to $65.85 a barrel by 0045 GMT. U.S. West Texas Intermediate crude futures rose 44 cents, or 0.7%, to $62.17.

The two benchmark crudes largely settled steady in the previous session as investors weighed signs of oversupply against the OPEC+ production increase, which was smaller than expected.

The OPEC+ alliance chose to raise output by 137,000 barrels per day, the smallest increment among options discussed earlier in the week.

ANZ analysts said on Wednesday, “Until the actual market shows signs of weakness through rising inventories, investors are unlikely to factor in the impact of the production increase.”

However, analysts noted price gains are limited as concerns over Russian supply disruptions ease, with crude shipments near their highest levels in 16 months over the past four weeks.

Investors are also awaiting U.S. Energy Information Administration inventory trends later on Wednesday.

Sources on Tuesday citing American Petroleum Institute data said U.S. crude oil inventories rose by 2.78 million barrels in the week ending October 3, while gasoline and distillate stocks declined.

Meanwhile, the Energy Information Administration said U.S. oil production is likely to set a record higher than previous expectations this year.