After the OPEC+ producer group kept production increases in July at the same level as the previous two months, oil prices jumped by around 3% on Monday.

Brent crude futures climbed $2.28, or 3.63%, to $65.06 per barrel at 11:18 GMT. American West Texas Intermediate crude rose $2.45, or 4.03%, to $63.24. Both contracts lost more than 1% last week.

The Organization of Petroleum Exporting Countries and its allies, collectively known as OPEC+, decided on Saturday to increase production by 411,000 barrels per day (bpd) in July, the third consecutive monthly increase in that amount, in July, the third consecutive monthly increase in that amount, as it seeks to regain market shares and & aggravate; punish members who produced more than their quotas

Oil traders said the 411,000 b/d increase had already been incorporated into Brent and WTI futures.