OPEC+ disagreements trigger fears of supply surge, causing oil prices to slip.

From Investing.com: 2025-04-24 02:01:00

Growing disagreements within OPEC+ members are impacting oil prices, as other financial markets experience a risk-on move due to easing tariff tensions. ICE settled almost 2% lower amid concerns of aggressive supply hikes and member discord. Kazakhstan’s increased oil output poses a challenge to OPEC+ agreements, leading to potential price wars.

OPEC+ members are pushing for aggressive supply hikes in June following a larger-than-expected increase in May. Disagreements within the group could lead to further downside risks and a potential price war. Inventory data showed a modest increase in oil stocks, with gasoline and distillate inventories falling significantly, driven by stronger implied demand for gasoline.

Metals, including copper, continued to rise on hopes of US-China trade tensions easing. Speculators increased their net long position in copper, while the Antamina mine in Peru was shut down for safety reasons. Precious metals, like gold, fell from a record high but remain up over 25% for the year, supported by market volatility and increased central bank buying.



Read more at Investing.com: Crude Oil Slips as OPEC+ Disagreements Spark Fears of Supply Surge