Oil prices rose on Sunday after OPEC and its allies agreed to a modest increase of 137,000 barrels per day (bpd) from November, signalling a cautious approach to production growth amid persistent concerns of oversupply. Hence OPEC+’s oil output rose from 1.65 million barrels per day (bpd) in April to 1.787 million bpd in November, indicating an 8.3 percent modest increase over the period. Brent crude climbed by nearly 1.5 percent to $65.30 per barrel, a 1.19 percent increase, while West Texas Intermediate (WTI) rose to $61.60, a 1.18 perc
Oil prices rose on Sunday after OPEC and its allies agreed to a modest increase of 137,000 barrels per day (bpd) from November, signalling a cautious approach to production growth amid persistent concerns of oversupply. Hence OPEC+’s oil output rose from 1.65 million barrels per day (bpd) in April to 1.787 million bpd in November, indicating an 8.3 percent modest increase over the period. Brent crude climbed by nearly 1.5 percent to $65.30 per barrel, a 1.19 percent increase, while West Texas Intermediate (WTI) rose to $61.60, a 1.18 perc