Florence tang
Singapore (Reuters) – Oil prices bounced more than $ 1 a barrel in early Asian trade on Monday after OPEC+ decided to increase production in July by the same amount as each of the previous two months in accordance with the market expectation.
Brent Futures have risen by $ 1.06, or $ 1.69, up to $ 63.84 per 2244 GMT, while the intermediate West Texas was $ 61.95 a barrel, up to $ 1.16 or $ 1.91.
The organization of countries exported oil and their allies decided to raise production by 411,000 barrels a day in July, the third month of increasing the same amount that the group known as OPEC+looks like fighting the market and punishment.
The group was expected to discuss more production growth.
“If they survived with an unexpected number, it would be really ugly on Monday,” written Harry Tiliinguirian’s analyst with Onyx Capital Group.
Oil traders said the decision to increase products by 411,000-BPD was already estimated at Futures Brent and WTI, which decreased by more than 1%last week.
(Florence Tango Report; Editing Cynthia Osterman)
