Oil gains despite OPEC+ planning to boost output

New Delhi: Oil prices gained more than $1 on Monday despite OPEC+ announcing another output hike, deepening doubts over the ‘oil glut’ narrative that has long predicted softer prices but has yet to play out.

The benchmark Brent traded near $67 a barrel, broadly unchanged from early April levels, when OPEC+ first unveiled monthly supply increases totalling 2.2 million barrels per day (mbd). Over the weekend, the group announced a fresh plan to raise output by 137,000 barrels per day (bpd) in October as part of its broader strategy to add 1.65 mbd.