# Oil settles up despite OPEC+ output hike plan; supply still tight

> Oil settled higher on June 3 despite OPEC+'s decision to raise output by 648,000 bpd per month. Brent rose $2.11 to $119.72 and WTI gained $2 to $118.87, with U.S. crude inventories falling 5.1 million barrels.

- Date: 2022-06-03 · published 2022-06-03T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/40840-oil-settles-up-despite-opec-output-hike-plan-supply-still-tight
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations that the OPEC+ increase will not add much physical supply, combined with falling inventories and expected Chinese demand recovery, support crude prices. Higher energy costs feed through to feed logistics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-steady-doubts-opec-can-make-up-russian-deficit-2022-06-03/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.