Oil prices rose after OPEC+ agreed to a new production increase in July of 411,000 barrels per day.
Brent crude futures rose more than $1 to $64 a barrel. US crude futures also rose more than $1 to $62.12 a barrel.
In a move aimed at supporting oil market stability, eight OPEC+ countries announced a gradual increase in production levels starting next July, while affirming their full commitment to previous agreements. The eight countries stated that the decision is based on strong market fundamentals, low global oil inventories, and the continued positive outlook for the global economy.
Source (CNBC Arabia Website, Edited)
