Oil rises in price after OPEC+ decides to cut production

World oil prices are rising on Monday on news of the OPEC+ decision to cut production by 1.4 million barrels per day from next year, Report informs.

The price of August futures for Brent crude rose by 1.42% to $72.79 per barrel, and July futures for WTI rose by 1.33% to $77.14 per barrel.

Earlier, on Sunday, the official communiqué of the alliance following the meeting stated that OPEC + will reduce the overall target level of oil production by about 1.4 million barrels per day from 2024, to 40.46 million barrels per day.