Oil prices rose after the “OPEC+” group decided to raise output by less than market participants had expected, while prices remained supported by concerns over shrinking supply due to the possibility of new sanctions on Russia.
Brent crude rose by 22 cents, or 0.33 percent, to $66.24 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 24 cents, or 0.39 percent, to $62.50 per barrel.
Eight members of “OPEC+,” which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, agreed to increase production starting in October by 137,000 barrels per day.
