Oil Dips as OPEC+ Speeds Up Prodution Hke

published:05/05/2025 10:19 GMT

Oil prices fell more than 1% on Monday after OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook. Brent crude futures dropped by 87 cents, or 1.42%, to US$60.42 a barrel by 0946 GMT, while U.S. West Texas Intermediate crude was at US$57.37 a barrel, down 92 cents, or 1.58%. Both contracts touched their lowest since April 9 at Monday's open, after OPEC+ agreed to accelerate oil...More