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Oil Prices Climb on Anticipation of Sustained OPEC+ Production Cuts

Traders expect OPEC+ to maintain current output levels as summer demand rises and geopolitical tensions persist.

  • Brent crude rose to $84.49 per barrel, while U.S. West Texas Intermediate reached $80.18.
  • OPEC+ is likely to continue voluntary production cuts of 2.2 million barrels per day.
  • The start of the U.S. summer driving season is expected to boost fuel consumption.
  • Geopolitical tensions in the Middle East are contributing to price support.
  • Investors are closely watching U.S. inflation data and Federal Reserve policy decisions.
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