Regarding supplies, on Saturday the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months.

Crude oil shook off early negative reaction to the bigger than expected OPEC+ output increase to settle higher, as OPEC's confidence in phasing out cuts suggests an optimistic demand outlook