From Yahoo Finance: 2025-06-01 18:57:00

Oil prices surged over $1 a barrel in early Asian trade after OPEC+ announced a planned output increase of 411,000 barrels per day in July, in line with market expectations. Brent crude rose 1.69% to $63.84 a barrel, while U.S. West Texas Intermediate crude jumped 1.91% to $61.95. The decision marks the third consecutive month of output increases as OPEC+ aims to regain market share and curb overproduction. Analysts suggest that a larger production hike could have had a more significant impact on prices. The announcement had already been factored into futures prices, which dropped over 1% last week.



Read more at Yahoo Finance: Oil rebounds after OPEC+ sticks to same output hike in July vs June