Cairo: Oil prices rebounded more than $1 a barrel in early Asian trade on Monday after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, in line with market expectation. Brent crude futures climbed $1.06, or 1.69%, to $63.84 a barrel, while US West Texas Intermediate crude was at $61.95 a barrel, up $1.16, or 1.91%.

According to Qatar News Agency, the Organization of the Petroleum Exporting Countries and their allies decided on Saturday to raise output by 411,000 barrels per day in July, marking the third consecutive month of increase by this figure. This decision aligns with previous output adjustments and reflects a sustained approach towards managing oil supply in response to global market conditions.