Oil prices extended gains Wednesday after finishing at a record close in the previous session on worries about tight supplies.
An announced increase in output by the Organization of Petroleum Exporting Countries failed to calm market concerns about the ability of producers to meet strong winter demand in the final quarter of the year, analysts said.

Light, sweet crude for October delivery added 13 cents to $78.36 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore.

The contract on Tuesday rose 74 cents to settle at $78.23 a barrel — 2 cents higher than the previous closing record, set July 31.

OPEC announced its decision at a meeting Tuesday to boost output 500,000 barrels a day starting Nov. 1. Investors had already priced in OPEC’s increase, and many were looking for a larger production boost, analysts said.

“Half a million barrels a day is not nothing; the question on the market’s mind is, ‘Is it enough?’” said Tobin Gorey, a commodities strategist with the Commonwealth Bank of Australia in Sydney.

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