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| Crude Oil |
Oil prices rose slightly on Monday as crude continued to pass through the Strait of Hormuz, and the OPEC+ group agreed to increase supply.
By 09:25 Moscow time, the futures contract for US crude oil "West Texas Intermediate" for next August had risen by 0.58% to $69.09 per barrel.
Meanwhile, Brent crude futures for September rose 0.26% to $72.31 a barrel.
The OPEC+ group agreed on Sunday to increase production targets by 188,000 barrels per day starting in August, in addition to similar increases in June and July of 2026.
However, this increase remained largely on paper due to the US-Israeli war with Iran, which closed the Strait of Hormuz to oil tanker traffic from major OPEC producers, including Saudi Arabia, Kuwait and Iraq, thus limiting their production.
“The figure was largely in line with expectations,” said Tony Sycamore, a market analyst at IG. “With the UAE out, and with quotas likely to go unmet so far due to continued post-conflict production increases, I’m not sure these figures mean much at the moment.”
