Reported 4 months ago
Oil prices plummeted by $3 a barrel, hitting their lowest level in nearly four months as concerns over a potential increase in supplies later in the year outweighed the benefits of OPEC+ extending production cuts. Both Brent and U.S. crude futures closed at near four-month lows, with analysts warning of bearish impacts on oil prices due to the unwinding of voluntary cuts by OPEC+ members and rising output from non-OPEC producers. Weak demand growth, disappointing economic indicators, and efforts to replenish the U.S. Strategic Petroleum Reserve also influenced market sentiment.
Source: YAHOO