Oil prices rise after OPEC+ agrees to further production increases.

Oil prices rose in early trading on Monday after OPEC+ agreed to a new production increase of 411,000 barrels per day in July.

Brent crude futures rose more than $1 to $64 a barrel. US crude futures also rose more than $1 to $62.12 a barrel.

Latest Oil Prices:

WTI Crude $62.46  +2.75%

Brent Crude $64.27 +2.37%

Murban Crude $63.77  +2.67%

Louisiana Light $64.69  +1.70%

Bonny Light $78.62  -2.84%

Opec Basket $63.78  +0.00%

Mars US $72.21  -1.45%

Gasoline $2.044  +1.45%

Natural Gas $3.525  +2.26%

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.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman met via video conference today, May 31, 2025, to review the global oil market situation and future prospects.

The eight countries indicated that the decision was based on strong market fundamentals, low global oil inventories, and the continued positive outlook for the global economy.