Baghdad, Oil prices rose today, Tuesday, due to the increase in OPEC + production, while the prospects for recovery improved thanks to strong economic data from the United States and China.
By 09:46 Baghdad time, Brent crude futures rose 78 cents, or 1.26%, to 62.93 dollars a barrel, after it fell 4.2% on Monday.
US West Texas Intermediate crude futures rose 81 cents, or 1.38%, to $ 59.46 a barrel, after falling 4.6% on Monday.
These factors, along with demand, contributed to dispelling the impact of concerns about an agreement concluded last week by the Organization of Petroleum Exporting Countries and its allies, known as OPEC +, to return 350,000 barrels per day of supplies in May, and another 350,000 barrels per day in June, and another 400,000 barrels per day or so in July.
Saudi Arabia is set to get rid of an additional voluntary cut of one million barrels per day over those three months. Meanwhile, Iran, a member of (OPEC) exempt from making cuts, is working to increase supplies.
Source: National Iraqi News Agency