Baghdad: Oil prices showed stability as the market weighed the impact of OPEC+’s recent decision to increase production. This decision came in lower than the market had anticipated, which initially boosted sentiment. However, this optimism was tempered by concerns over weak global demand and the potential for a supply surplus.

According to National Iraqi News Agency, Brent crude futures experienced a marginal increase, rising by one cent or 0.02%, bringing the price to $65.48 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude settled at $61.69 per barrel. In the previous trading session, both crude benchmarks saw an increase of more than 1% at settlement.

Market analysts remain cautious as they monitor the balance between supply and demand. The possibility of a supply glut continues to loom, influencing trading strategies and price stabilization in the oil markets.