Oil prices jump after OPEC+ agrees to another sharp production hike - MarketWatch

1. OPEC+ increases crude production by 411,000 barrels a day in July. 2. West Texas Intermediate futures for CL.1 rose over 2% on the news. 3. Market impact limited; focus shifts to geopolitical factors like Ukraine. 4. Production hikes are a strategy to control market share from U.S. producers. 5. Analysts expect possible price drop from production cuts; however, limited immediate effects.