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8/3, 2:38 PM (Source: TeleTrader)
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Oil rises after OPEC+ decision, WTI up 2%

The prices of oil futures rose on Wednesday after the Organization of the Petroleum Exporting Countries Plus (OPEC+) agreed to up crude output by 100,000 barrels per day.

The decision most likely increased further worries over the supply of crude, as investors are possibly concerned that the latest hike in production might be too small to have any significant impact on the current situation in the market.

West Texas Intermediate (WTI) for settlements in September jumped 2% to sell for $96.31 per barrel at 8:28 am ET, while Brent for deliveries in October grew 1.41%, going for $101.96 per barrel a minute later.

Baha Breaking News (BBN) / AY