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Singapore: Oil prices rose by more than one dollar per barrel on Monday, supported by the decision of the OPEC+ group to increase production in July by the same amount as in the previous two months.
Brent crude futures climbed $1.46, or 2.33%, to $64.24 per barrel, after closing down 0.9% on Friday.
West Texas Intermediate (WTI) crude rose to $62.45 per barrel, up $1.66, or 2.73%, after a 0.3% decline in the previous session.
Despite today’s gains, both benchmarks posted a weekly loss of over 1% last week.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies decided on Saturday to increase production by 411,000 barrels per day in July, marking the third consecutive month of similar production hikes.
