Reported 1 day ago
Oil prices experienced a rise as OPEC+ decided on a modest output hike starting in October, helping to recover some losses from the previous week. Brent crude rose by 52 cents to $66.02 per barrel, while U.S. West Texas Intermediate increased by 39 cents to $62.26. The output increase is lower than previous monthly hikes, indicating a shift toward maintaining market share as opposed to seeking higher prices. Additionally, potential U.S. sanctions against Russia are influencing market sentiments.
Source: YAHOO