Investing.com - Oil suddenly turned higher after tumbling close to 2% earlier on Wednesday, as leaks began to emerge about the market-awaited OPEC+ decision.

It seems that the markets were counting on a strong increase in OPEC + production that would enhance the USA's efforts to rein in oil rises, especially after the recent visit to the Kingdom of Saudi Arabia and the release of more strategic reserves.

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The OPEC + alliance agreed for a moment to increase oil production by 100,000 barrels per day next September, and the “OPEC +” alliance will hold its next meeting on September 5.

And OPEC + said in a statement today, Wednesday, that the limited spare capacity requires its use with extreme caution in response to severe supply disruptions.

The Libyan oil supplies, which amount to about 1.2 million barrels per day, were interrupted by the declaration of force majeure due to the speculation that swept the Libyan Oil Corporation.

The group said in the statement that insufficient investments will negatively affect the availability of sufficient oil supply to meet the growing demand for supplies beyond 2023.

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The US light NYMEX crude rose during these moments to levels near the levels of $ 96 a barrel, an increase of about 1.6 percent, after descending to levels near $ 93 a barrel earlier in trading.

While the benchmark Brent crude exceeded the levels of $100 during these moments, with a rise of about 1.5 percent to levels near $102 a barrel, after it had fallen earlier to levels near $99.