Oil prices rise as expectations that OPEC+ will not increase supply further
Oil prices rose on Tuesday as more COVID-19 cases surge casting fears over the demand of oil worldwide.
Brent crude rose by 13 cents, or 0.2 percent , at US $69.64 a barrel, after falling 1.5 percent on Monday. Meanwhile, U.S. oil climbed by 14 cents, or 0.2 percent, to US $67.43 a barrel, after losing 1.7 percent the previous day.
These changes come a day after four sources told Reuters that OPEC and its allies, including Russia, believe oil markets do not need more than the planned oil despite U.S. pressure to add more.
The price of international benchmark Brent crude has risen 35 percent this year towards $70 a barrel.
OPEC+ agreed in July to boost output by 400,000 barrels per day a month starting in August.
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