Oil prices rose despite OPEC+ increase, supported by geopolitical tensions and market tightness

Oil prices rallied despite OPEC+ supply increase, settling almost 1.9% higher. Attacks on Red Sea vessels by Houthis in Yemen supported prices. Middle distillate market tightness shown by gasoil crack at US$24/bbl. China’s central bank added gold to reserves for 8th month. US corn crop in good condition with 74% rated good-to-excellent. Speculators increased net short in CBOT corn. Winter wheat harvest progressing well.

Read more at Investing.com: Oil Market Shrugs Off OPEC+ Supply Increase