Reported 2 days ago
Crude oil and gasoline prices experienced a significant decline due to reports that Saudi Arabia intends to accelerate OPEC+ production increases. The drop in prices was further exacerbated by concerns over US economic growth, highlighted by a disappointing payroll report and rising unemployment rates. As OPEC+ prepares for a meeting to discuss production levels, the prospect of a faster production hike has raised fears of a surplus in the oil market, overshadowing the tightening supplies from reduced Russian output amidst ongoing geopolitical tensions.
Source: YAHOO