The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to surge oil output for the third month in a row. An increase in oil output for July that may be larger than the 411,000 barrels per day (bpd) increases it made for May and June, per Reuters.
Market reaction
At the time of press, the WTI price was up 1.90% on the day at $61.45.
