Oil prices rose over $1 a barrel on Monday after OPEC+ confirmed a planned output increase of 411,000 barrels per day (bpd) in July, in line with previous months, easing market fears of a sharper hike. Brent crude climbed 2.13 per cent to $64.12 a barrel, while US West Texas Intermediate (WTI) rose 2.5 per cent to $62.31. Both benchmarks had declined more than 1 per cent last week. Traders had largely priced in the July hike, which marked the third consecutive month of identical increases as the group aims to regain market share and discipline overproducing members like Iraq and Kazakhstan. Analysts noted a larger-than-expected hike could have triggered a steeper price drop. Goldman Sachs expects OPEC+ to raise production by another 0.41 million bpd in August, citing tight supply conditions and resilient demand. Meanwhile, concerns over low US fuel inventories and a surge in gasoline demand ahead of the driving season supported prices. US crude output remains under pressure, with active oil rigs falling to 461 last week—the lowest since November 2021. Attribution: Reuters Subediting: M. S. Salama
