Oil advanced as OPEC+ outputs raise might not ease the global supply crunch

International benchmarks for crude oil settled higher on Friday, 3 June 2022 after OPEC+ agreed to raise production by 648,000 barrels per day in July and August, effectively ending the two-year agreement of a record output cut. However, the figure failed to ease concerns over the global supply tightness as OPEC members have limited spare capacity to churn out more barrels after August. 

Brent gained $2.11 or 1.8% to close at $119.72/barrel.

WTI added $2 or 1.7% to settle at $118.87/barrel.