Reported about 7 hours ago
Oil prices fell more than $2 a barrel in early Asian trading as OPEC+ decided to accelerate production hikes, raising concerns about supply oversaturation. Brent crude dropped to $59.25, while U.S. West Texas Intermediate fell to $56.19. The decision to increase output by 411,000 barrels per day in June marks a significant unwinding of previous cuts, potentially leading to a supply surplus. This move comes amid geopolitical tensions in the Middle East.
Source: YAHOO