Oil fluctuates on Monday on OPEC+ decision

Oil prices fluctuated after OPEC+ announced a plan to gradually restore production from October, despite demand concerns and high non-OPEC+ supply, Bloomberg reported.

The Saudi Energy Ministry stated that current production curbs would remain through the third quarter and be phased out over 12 months.

Brent crude traded near $81 a barrel, and West Texas Intermediate around $77.

Goldman Sachs viewed the decision as bearish due to rising inventories, while UBS and RBC Capital Markets remained confident in OPEC+’s market management. The market had expected the cuts to extend through year-end.

The agreement aims to support oil prices and address output level concerns from members like the UAE.