(REUTERS/Dado Ruvic/File Photo)
Crude oil prices responded with a less than 1% gain after the decision by OPEC+ wasn’t as large of an increase in production as some feared.
It was considered a modest hike but at the same time, President Trump gave serious consideration to more sanctions against Russia after Putin’s forces launched more attacks on the Ukrainian city of Kiev. Reuters reported OPEC+ flagged plans to further increase production from October.
Global benchmark Brent crude responded with a climb of 48 cents or 0.73% to $65.98 a barrel.
West Texas Intermediate in the U.S. finished up 39 cents for a 0.63% gain to $62.26 a barrel on the New York Mercantile Exchange.
The gain in oil prices came after they fell more than 2% on Friday.
Natural gas on Monday scored at gain of $0.047 or 1.54% to close at $3.095 per MMBtu.
Oklahoma energy stocks recorded losses on Monday as crude oil prices gained for the day.
Empire Petroleum dropped more than 9% and Vital Energy fell 4%.