The North Sea crude, a benchmark in Europe, closed on the Intercontinental Exchange at a price one dollar above the $64.63 recorded on Monday.
Brent oil continued to gain ground, reaching a two-week high, amid developments in the ongoing Russian invasion of Ukraine. Ukrainian forces attacked the bridge connecting Crimea to Russian territory today, following significant weekend assaults on Russian air bases that resulted in the destruction of over 40 aircraft.
Meanwhile, investors are closely watching the US-Iran nuclear negotiations, as a potential Iranian rejection of the US proposal could extend sanctions and impact oil supply.
Further concerns arise from the wildfires in Canada that have halted part of the oil production, diminishing the effect of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, decision to increase production in July on oil prices.
OPEC+ announced on Saturday it would raise its oil production in July by 411,000 barrels per day, consistent with the increases over the previous two months but less than some investors feared.
The decision, anticipated in the market and approved during a meeting led by Saudi Arabia and Russia, marks the third consecutive increase of this scale, bringing the four-month rise to 1.37 million barrels daily, more than half of the intended 2.2 million increase.
