Ammon News - Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase.

Brent crude futures climbed $1.34, or 2.13%, to $64.12 a barrel by 0346 GMT after settling 0.9% lower on Friday. U.S. West Texas Intermediate crude was at $62.31 a barrel, up $1.52, or 2.5%, following a 0.3% decline in the previous session.

Both contracts were down more than 1% last week.

The Organization of the Petroleum Exporting Countries and their allies decided on Saturday to raise output by 411,000 barrels per day in July, the third month the group known as OPEC+ increased by the same amount, as it looks to wrestle back market share and punish over-producers.

Oil traders said the 411,000-bpd output hike had already been priced into Brent and WTI futures.

Traders are also closely watching the impact of lower prices on U.S. crude production which hit an all-time high of 13.49 million bpd in March.

Last week, the number of operating oil rigs in the U.S. fell for a fifth week, down four to 461, the lowest since November 2021, Baker Hughes said in its weekly report on Friday. Reuters