Oil Prices Jump on Monday

PUKMEDIA

Oil field.

Oil prices jumped by about 3% on Monday, 2 June 2025, after producer group OPEC+ kept output increases in July at the same level as the previous two months, according to Reuters.

Reuters reported that Brent crude futures climbed by $2.28, or 3.63%, to $65.06 a barrel by 1118 GMT. U.S. West Texas Intermediate crude was up $2.45, or 4.03%, at $63.24.

The report added that the Organisation of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, decided on Saturday to raise output by 411,000 barrels per day (bpd) in July, the third consecutive monthly increase of that amount, as it looks to wrestle back market share and punish members that have produced more than their quotas.



PUKMEDIA