Oil Prices Experience Significant Drop

Crude oil prices saw a decline of over 1% on Wednesday, reversing earlier gains. This movement came despite the EIA data showing a larger-than-expected decrease in US crude stockpiles.

OPEC+ Output Hike and Its Implications

The drop in prices was attributed to suggestions from several OPEC+ members about accelerating output hikes, raising concerns over potential oversupply. Additionally, US trade tariffs have cast a shadow over global demand prospects.

Market Reaction

By 12:08 am ET, West Texas Intermediate (WTI) for June delivery had fallen by 1.17% to $58.41 per barrel, while Brent crude for July's deliveries decreased by 1.27%, trading at $61.42 per barrel.