India, July 8 -- Crude oil prices increased on Tuesday, ignoring oversupply concerns due to the OPEC+ decision amid a simmering Red Sea conflict.
WTI Crude Oil contract for August delivery closed up by $0.40 at $68.33 per barrel today.
September month Brent Crude contract was last seen trading, up by $0.77, to $70.35 per barrel today.
At their July 6 meeting, the OPEC+ producers surprised the market by announcing a larger-than-expected production hike of 548,000 bpd for August, exceeding market expectations of 411,000 bpd hike. This move has put the OPEC+ alliance on track to unwind all the 2.2 million bpd cuts ahead by a year.
However, so far oil prices shrugged off a real oversupply threat.
The cartel is reportedly planning another s...