After the limited production increase decision from the OPEC+ meeting, a little increase was observed in oil prices.

Oil rallied after OPEC+ meeting.

U.S. crude rose above $91 a barrel after falling 4 percent on Wednesday. Brent oil also tested above $97.

The Organization of Petroleum Exporting Countries agreed to increase supply by 100,000 barrels daily in September, warning of “severely limited” spare capacity.

In the U.S., government data showed that Americans drive less than they did in the summer of 2020 due to the impact of the pandemic. Nationwide crude inventories increased by more than 4 million barrels last week.

Crude oil gave back all the gains triggered by Moscow’s invasion of Ukraine in February. Since peaking at over $130 in March, oil has slid down on signs that Russia still supplies the global market and investors’ growing concerns that a global slowdown will erode energy consumption.

“While OPEC’s small production quota increase supports oil prices, they generally tend to decline, mainly due to weak macro data from China and an increase in U.S. crude inventories,” said Neil Beveridge, Senior Energy Analyst at Sanford C.