International oil prices rose during Tuesday's trading, amid following up on developments in the market, after the (OPEC +) alliance decided yesterday to cancel the ministerial meeting, but without setting a new date for the next meeting. .
The coalition failed to reach agreement on production policy starting next month after a three-day joint meeting took place.
And it was reported before the meeting was canceled that (OPEC +) plans to increase production by 400,000 barrels per day, starting from next month until the end of this year.
According to Reuters, Toshitaka Tazawa, an analyst at commodity trading company (Fujitomi), said that expectations that (OPEC +) will not add more supply to the markets starting in August provided Prices were supported on Monday, but investors are not interested in moving in any direction from those levels due to uncertainty about actual actions by group members next month.
In terms of trading today, Brent crude futures for September delivery rose by 0.4% to $77.49 a barrel.
The US NYMEX crude contracts for August delivery also rose by 2.1% at the level of $76.71 a barrel.
