An S&P Global Platts survey released Wednesday shows that oil output from the Organization of the Petroleum Exporting Countries and its allies (OPEC+) rose by 1.71 million barrels a day to 34.63 million barrels a day in August from a month earlier.
This comes after the group of producers, known as OPEC+, had previously reached an agreement to ease record production cuts of 9.7 million barrels a day to 7.7 million barrels a day starting in August.
Calculations by Platts revealed that OPEC+ achieved compliance of 97% with that new quota.
In Wednesday dealings, October West Texas Intermediate crude CLV20, -0.15% was up 61 cents, or 1.7%, at $37.37 a barrel on the New York Mercantile Exchange.
November Brent crude BRNX20, +0.02% traded at $40.12 a barrel, up 34 cents, or nearly 0.9%.