Oil surges 3% at close, Brent tops $64

Oil drilling rigs

Oil prices rose today, June 2, as investor concerns eased about OPEC+ accelerating supply increases and renewed geopolitical tensions in Eastern Europe.

Brent crude futures for August delivery jumped 2.95%, or $1.85, to settle at $64.63 a barrel. WTI crude futures for July delivery rose 2.85%, or $1.73, to $62.52 a barrel.

Eight OPEC+ member states agreed last week to increase production by 411,000 barrels per day in July. This is the third monthly increase of the same amount, as part of these countries' plan to gradually phase out voluntary cuts.

UBS said in a note to clients that there had been concerns about the countries agreeing to a faster pace of production increases. The market remains in balance for now and can absorb these additional supplies, it added.

Separately, Ukraine launched a large-scale drone attack deep inside Russia last weekend, targeting strategic aircraft hangars, reigniting geopolitical tensions in Eastern Europe.