Baghdad: Oil prices rose late Monday, supported by a global supply glut. Brent crude reached $69.18 a barrel, marking an increase of $88, or 1.3%, after earlier dipping to $67.22 during the session. US West Texas Intermediate crude also saw a rise, climbing to $67.60, up $60, or 0.9%. According to National Iraqi News Agency, the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, agreed on Saturday to a production hike of 548,000 barrels per day for August. This decision surpasses the 411,000 barrels per day increase that had been approved over the preceding three months. Analysts indicate that the market continues to deal with a supply glut, which is expected to facilitate the absorption of the increased production levels authorized by OPEC+.