Reported 2 days ago
Oil prices saw a significant rebound as OPEC+ confirmed a planned output increase of 411,000 barrels per day for July, mirroring previous months' adjustments, which alleviated concerns about a larger hike. Brent crude rose by 2.33% to $64.24 per barrel, while U.S. West Texas Intermediate increased by 2.73% to $62.45 per barrel. Analysts suggest that this consistency in output is aimed at managing overproduction among certain OPEC members and that further increases are expected in August amid tight supply and rising demand.
Source: YAHOO