Market Reacts to OPEC+ Decision

Crude oil prices experienced a significant drop, declining over 1% on Wednesday. This shift erased earlier gains, despite the Energy Information Administration (EIA) reporting a larger-than-expected decrease in US crude stockpiles.

OPEC+ Output Hike Raises Concerns

The decision by several OPEC+ members to accelerate output hikes has ignited fears of oversupply in the market. Additionally, the imposition of US trade tariffs has further dampened global demand prospects, adding to the downward pressure on prices.

Price Movements

West Texas Intermediate (WTI) for June delivery saw a 1.17% decrease, trading at $58.41 per barrel at 12:08 am ET. Similarly, Brent crude for July's deliveries fell by 1.27%, settling at $61.42 per barrel.