Oil prices are rising supported by the "OPEC+" decision in line with expectations.

Global oil markets witnessed an upward trend in trading on Monday, June 2nd, with prices jumping by more than a dollar per barrel, supported by the decision of the "OPEC+" alliance to maintain the current production increase pace during July, in line with analysts' expectations.

Brent crude rose by 1.9% to reach $63.97 per barrel, after closing lower by 0.9% in the previous Friday session.

Similarly, West Texas Intermediate crude oil jumped by 2.8%, reaching $62.54 per barrel, following a slight 0.3% decline in the previous session. Despite this increase, both oils ended the previous week with a decline exceeding 1%.

This price hike came just two days after OPEC and its allies announced an increase in production by 411,000 barrels per day in July, the third consecutive monthly increase, as part of the group's efforts to rebalance the market and control excess production by some members.

Harry Tchilinguirian, an analyst at "Onyx Capital Group," explained that the markets would have reacted negatively if OPEC+ had decided to increase production suddenly and by a larger amount, stating: "If the group had decided to raise production suddenly and by a larger amount, the opening prices would have been extremely negative."

Oil traders, on the other hand, saw the decision to increase production by 411,000 barrels per day as already expected, explaining the market's decline last week. At the same time, some analysts expressed concerns about the decrease in US fuel inventories as the hurricane season approaches, expected to be more active than usual.

In a sign of recovering demand, analysts at "ANZ Bank" highlighted a significant surge in gasoline consumption with the start of the summer driving season in the United States, stating in a note: "The most positive element is the significant jump in gasoline demand coinciding with the start of the driving season in the United States," pointing out that the weekly increase of around one million barrels per day was among the highest levels recorded in the past three years.

Furthermore, market participants continue to closely monitor the impact of price fluctuations on US crude production, which reached a historical peak in March at 13.49 million barrels per day, amid indications of a slowdown in drilling activity due to price declines.