Oil Prices Continue to Rise
Oil prices increased in early trading on Tuesday, marking the second consecutive session of gains amid concerns over supply shortages.
Brent crude futures rose by 14 cents, or 0.2%, to $63.31 a barrel.
West Texas Intermediate crude also saw an increase of 18 cents, or 0.3%, reaching $59.50 a barrel.
The “OPEC+” alliance confirmed, in a statement following its semi-annual virtual meeting, that participating countries agreed on the mechanism proposed by its secretariat for assessing the maximum sustainable production capacity of member states. This will form the basis for reference production levels for all member countries in 2027.
The same source added that the alliance countries will suspend production increases in the first three months of 2026.
