Oil markets hold steady following modest OPEC+ supply increase

Oil prices steadied after OPEC+ agreed to a small increase in supply. The group will add 137,000 barrels per day, a move traders are still weighing.

Prices were stable with Brent crude near $66 a barrel. The market remains cautious, especially after Saudi Arabia held its prices to Asia steady, a sign of potential concern over demand.

 

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This comes after crude posted losses for two straight months on fears of a surplus. Traders are also monitoring Ukrainian attacks on Russian energy infrastructure for any impact on supply. One analyst noted that if global oil inventories grow, prices could hold between $60 and $65.