From Yahoo Finance: 2025-05-04 18:17:00

Oil prices dropped over $2 a barrel in Asian trade as OPEC+ plans to increase oil output, raising concerns about oversupply. Brent crude fell 3.33% to $59.25/barrel, while US WTI crude dropped 3.60% to $56.19/barrel. OPEC+ agreed to raise output by 411,000 bpd in June, totaling 960,000 bpd for April, May, and June, undoing 44% of previous cuts. If compliance doesn’t improve, OPEC+ could fully unwind cuts by October. Barclays lowered Brent forecasts due to accelerated phase-out. Tensions in the Middle East rose after Israel vowed retaliation against Iran-backed Houthi missile attacks. Iran threatened to strike back if attacked.



Read more at Yahoo Finance: Oil drops more than $2/bbl as OPEC+ accelerates output hikes