Oil prices are in freefall after OPEC+ announced a significant output increase, raising concerns over a global surplus amid weakening demand due to ongoing trade tensions. Brent crude dropped nearly 4.6% as OPEC aims to target overproducing members.
In a surprising move, OPEC+ has decided to accelerate oil production hikes, leading to a more than $2 drop in oil prices. With Brent crude now at $59.25 a barrel, concerns grow over a potential supply surplus as tensions rise in the Middle East.
In a surprising move, eight OPEC+ countries have agreed to increase oil output by 411,000 barrels per day for June, following a similar rise in May. This decision, amid U.S.-China trade tensions and falling prices, has analysts speculating on future market impacts.
Oil prices opened 1% higher as the U.S. vowed to continue military action against Yemen’s Houthis, disrupting global commerce. Analysts predict slower growth in oil demand amid economic concerns.
Oil prices took a hit as hopes for peace between Russia and Ukraine impacted the market. Brent and WTI fell over 1% due to increased supply outlook and easing geopolitical tensions.
