Reported about 18 hours ago
Oil prices dropped following reports that OPEC+ is contemplating additional production hikes during its upcoming meeting. West Texas Intermediate crude fell by 2.7% after optimistic US economic data lowered long-term demand outlook. The group, which recently added 2.5 million barrels per day, is debating its next steps as global supply increases are anticipated towards late 2025. Despite geopolitical tensions and recent price increases, analysts suggest that OPEC may hold back on further boosts to prevent oversupply.
Source: YAHOO