Oil prices increased after a report showed Cushing hub stocks fell and OPEC+ planned a modest output increase. WTI Crude prices rose to $62.62, Brent Crude futures to $66.38. Cushing, Oklahoma, is the delivery spot for WTI futures. API estimated Cushing stocks fell by 1.2 million barrels. Cushing inventories were at 23.467 million barrels, leaving the market vulnerable to disruptions. Price predictions suggest a trading range of $65 to $70. OPEC+ production increases eased oversupply fears. Short-covering supported the price increase. Analysts are cautious until the physical market softens.

Read more at Yahoo Finance: Crude Oil Futures Rise on Supply Data and OPEC+ Outlook