OPEC+ has reached a preliminary agreement to raise oil production by 548,000 barrels per day starting in September, according to Bloomberg. The plan is expected to be formally approved when the alliance meets virtually on Sunday.

The Opec+ oil cartel said on Sunday it would raise production by a further 547,000 barrels a day from September, fully reversing its nearly two-year-long strategy of propping up prices by holding huge quantities of crude off the market.