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7/1, 11:34 AM (Source: TeleTrader)
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Oil prices up, Brent rises 2%

Prices of oil futures increased on Friday, after falling the previous session as OPEC+ stated it would stick to its planned oil output increases in August, while inflation fears continue to dent the global economic outlook.

Previously, OPEC+ agreed to boost output by 648,000 barrels per day (BPD) per month in July and August amid supply shortage woes, with the United Arab Emirates operating at nearly full capacity, producing 3.2 million barrels per day.

West Texas Intermediate (WTI) for settlements in August grew by 1.76% at 5:33 am ET, to sell for $104.91 per barrel. A minute later, Brent for September settlements increased by 2% to go for $111.19 per barrel.

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