Brent crude oil futures rose 2.9% to settle at $64.60 per barrel on Monday, following OPEC+’s announcement of a steady production increase, which eased fears of a sharper supply surge. The group, led by Saudi Arabia, confirmed a gradual July output boost of 411,000 barrels per day, marking the third consecutive month of steady increases. Prices also gained support as the US rig count fell for the fifth straight week in May, reaching its lowest level since 2021. Despite rising overall supply, declining US production and a consistent OPEC+ strategy are helping to stabilize the market. Crude remains down more than 12% this year, but some producers warn that prolonged low prices could eventually tighten supply.