Crude oil prices jumped in early morning trade on June 2 even as OPEC+ confirmed a planned supply increase starting in July, with factors such as declining U.S. crude stocks and Russia–Ukraine geopolitical tensions supporting prices.
Brent crude oil futures were trading at $65.38 per barrel as of 8:55 a.m. ET on June 2, up by 4.14 percent for the day. In a May 31 statement, OPEC+, a group comprising the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers, including Russia, announced it would raise oil production by 411,000 barrels per day (bpd) beginning in July.
