India, July 7 -- Crude oil prices edged higher on Monday, dismissing oversupply concerns triggered by July 6 OPEC+ meeting.
WTI Crude oil contract for August delivery closed, up by $0.93 to settle at $67.93 per barrel today.
September month Brent Crude was last seen trading, up by 0.84, to $69.14.
Citing "steady global economic outlook and healthy market fundamentals", the Organization of Petroleum Exporting Countries and their allies, (OPEC+) agreed on July 6 to increase production by 548,000 barrels per day in August. This is more than the 411,000 bpd hike they committed for May, June, and July.
The alliance is now on track to fully unwind 2.2 million bpd cuts, nearly a year ahead of their schedule.
According to Reuters, the group is...