Oil prices increased due to geopolitical premiums expanding, Analysts: Oversupply remains an issue.

Oil prices continued to rise overnight, as OPEC+ agreed over the weekend to increase daily production by 411,000 barrels in July, in line with market expectations and largely priced in. Geopolitical risk premiums have increased, with Ukraine launching drone attacks on Russia and the nuclear agreement between the US and Iran appearing uncertain. Peter Cardillo of Spartan Capital stated in a report that OPEC's decision is pushing oil prices higher, "From a technical standpoint, this could result in a short-term rebound lasting several days. However, we do not expect the rally to last, as oversupply remains a concern."