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Oil prices rose sharply in early Asian trading Monday following OPEC+’s decision to stick with its expected output increase. The group confirmed it would raise oil production by 411,000 barrels per day (bpd) in July, marking the third consecutive monthly hike of the same size. This move helped stabilize market sentiment after last week’s losses.
Brent crude futures climbed $1.06, or 1.69%, reaching $63.84 a barrel by 2244 GMT. U.S. West Texas Intermediate (WTI) crude gained $1.16, or 1.91%, to trade at $61.95 per barrel.
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, had been widely expected to maintain this level of production growth. Some market watchers had speculated about a larger-than-anticipated hike, which could have triggered a sharper market reaction.
Analyst Harry Tchilinguirian of Onyx Capital Group commented on LinkedIn that a surprise larger increase would have likely caused a significant price drop at Monday’s open. However, the group's decision to maintain the steady pace of output gains reassured traders and avoided market volatility.
Oil prices had slipped over 1% last week, as traders anticipated the outcome of the OPEC+ meeting. Monday’s price rebound reflects the market’s relief that the production hike aligned with forecasts, preventing an oversupply scenario.
By holding to a gradual increase, OPEC+ appears to be balancing its goals of regaining market share while managing price stability and punishing members who exceed production limits. The move signals the alliance’s intent to support crude prices amid ongoing global demand recovery.
