Oil Prices Defy OPEC+ Cut Rollback, Rally on Asian Demand Signals ...Middle East

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Oil Prices Defy OPEC+ Cut Rollback, Rally on Asian Demand Signals
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Oil prices rose on Monday despite OPEC+ confirming at its Sunday meeting that it will wind down more than 1 million barrels per day of extra voluntary cuts over the next two months. At 9:34 a.m. ET on Monday, West Texas Intermediate (WTI) was trading up 1.65% at $62.89 per barrel, while Brent was up 1.74% at $66.64.  The expanded cartel endorsed a gradual rollback of Saudi Arabia, Iraq, and Kuwait’s additional curbs, with Saudi output expected to rise toward 9.5 million bpd in September and Iraq also set to increase exports, according…

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