Oil Prices Rise as OPEC+ Maintains Production Levels
Oil prices rose over $1 a barrel after OPEC+ decided to maintain a steady output increase of 411,000 barrels per day in July, which was seen as a relief by traders. The decision, aimed at regaining market share and addressing overproduction by some members, was already priced into futures, and analysts expect a similar increase in August. Meanwhile, US oil rig counts continue to decline, raising supply concerns amid seasonal demand and hurricane season jitters.