MUSCAT : Brent crude futures dropped by $2.04, or 3.33 percent, to settle at $59.25 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.10, or 3.60 percent, to $56.19 a barrel. Both benchmarks opened today’s trading session at their lowest points since April 9.
The price dip comes after OPEC+ confirmed it would raise production by 411,000 barrels per day in June, marking the second month in a row of increased output. With this move, the total rise in production across April, May, and June will reach 960,000 barrels per day.
This increase significantly trims the scale of earlier cuts imposed in 2022, representing a 44 percent reduction from the original 2.2 million barrels per day in output curbs. Market analysts say the decision reflects growing confidence in demand recovery, but the resulting price slide underscores investor concerns about oversupply in the near term.
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