Crude oil prices jumped in early morning trade on Monday even as OPEC+ confirmed a planned supply increase starting next month, with factors such as declining U.S. crude stocks and Russia–Ukraine geopolitical tensions supporting prices.
Brent crude oil futures were trading at $65.38 per barrel as of 8:55 a.m. ET on June 2, up 4.14 percent for the day. In a May 31 statement, OPEC+, a group comprising the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers like Russia, announced it would raise oil production by 411,000 barrels per day (bpd) beginning in July.
OPEC+ had previously reduced crude oil output by 2.2 million barrels per day. In December 2024, the group agreed to bring back this supply to the market. The 411,000-bpd production boost in July is part of this scheduled supply addition that began in May….