Oil Prices Experience Significant Drop

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

OPEC+ Output Hike Sparks Oversupply Concerns

Several OPEC+ members have suggested accelerating output increases, raising concerns about potential oversupply in the market. Additionally, US trade tariffs have cast a shadow over global demand prospects, further influencing oil prices.

Current Market Prices

West Texas Intermediate (WTI) for June delivery dropped by 1.17%, trading at $58.41 per barrel at 12:08 am ET. Meanwhile, Brent crude for July deliveries fell 1.27%, to $61.42 per barrel.