Reported 1 day ago
Oil prices dropped after OPEC+ announced a significant supply increase, which could lead to a global oversupply amid fears of decreasing demand due to trade tensions. Brent crude fell nearly 4.6% following the decision to raise output by over 400,000 barrels per day, a move aimed at regulating overproducing members. This policy shift marks a departure from previous output constraints that supported prices but cost the alliance market share, as uncertainty looms over the impact on demand stemming from the US-China trade war.
Source: YAHOO