Oil Prices Rise as OPEC+ Maintains Output Hike

Oil prices rose over $1 per barrel after OPEC+ decided to maintain its July output increase at 411,000 barrels per day, a move seen as a relief to markets expecting a larger hike. The decision aims to regain market share and address overproduction by some members, with analysts predicting further increases in August. Supply concerns are also driven by low U.S. fuel inventories and seasonal demand, while U.S. oil rig counts continue to decline.