Oil Rises in Relief Rally as OPEC+ Agrees to Modest Output Hike

Oil rose after OPEC+ agreed to raise production by a modest amount, staving off traders’ fears of a super-sized increase.

West Texas Intermediate topped $61 a barrel, following a 7.4% slump last week. On Sunday, the Organization of the Petroleum Exporting Countries and partners agreed to a 137,000-barrel-a-day increment, well below some of the possible figures reported before the decision.