Baghdad: Oil prices rose by more than $1 per barrel in early Asian trading following the OPEC+ group’s decision to increase production in July. This decision mirrors the production increases seen in the previous two months.

According to National Iraqi News Agency, Brent crude futures saw an increase of $1.06, or 1.69%, reaching $63.84 per barrel. Meanwhile, US West Texas Intermediate crude experienced a rise of $1.16, or 1.91%, bringing it to $61.95 per barrel.

OPEC+ announced the decision to boost production by 411,000 barrels per day in July, maintaining the trend of monthly increases. This move is consistent with the production strategy set in the previous months, aiming to adjust supply levels in response to global demand.