Jun 2, 2025 7:15 AM IST
US Stock Market Live: How Are Oil Prices Faring
Oil advanced after geopolitical and trade risk increased over the weekend, and as OPEC+ hiked production less than some had feared.
Brent crude for August rose as much as 2.1% to $64.09 a barrel, after losing 2.2% last week, while West Texas Intermediate was around $62. Ukraine struck air bases deep in Russia, Iran criticized a report showing its growing stockpiles of enriched uranium, and President Donald Trump said he would be increasing tariffs on steel and aluminum in the latest twist in the trade wars.
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies agreed on Saturday to add 411,000 barrels a day of supply in July. The decision to match increases for May and June was in line with expectations, but defied reports late last week that the group was considering an even bigger volume.
