Wall Street points to losses and oil prices tumble on OPEC+ decision to open the spigots

Wall Street points to losses and oil prices tumble on OPEC+ decision to open the spigots

Wall Street is pointing toward losses in premarket trading and oil prices fell to a four-year low after OPEC+ said it plans to boost output. Futures for the S&P 500 slid 0.9% before the bell Monday, while futures for the…

Oil prices fell again on Monday, by more than 3%, as Op+ announced an acceleration of production for the month of June at a time when prices are already very low. ...

Oil prices drop after OPEC+ agrees to ramp up production despite tepid demand

Oil prices plunge to multi-year low as OPEC+ plans output acceleration

Crude oil prices fell to a multi-year low on Monday as OPEC+ confirmed plans to continue unwinding production cuts, accelerating output increases in June. The move is expected to exacerbate a market surplus amid weakening demand driven by escalating US-China trade tensions.

Oil prices fell sharply on global markets last week as OPEC production was expected to increase, while the trade war could slow global economic growth and demand for ‘black gold’. The price of a barrel on the London market sank more than 8 percent last week, to $61.29, while on the US market a barrel fell 7.5 percent, to $58.29. The sharp drop in oil prices for the second week in a row is largely due to investor fears that demand for oil will we…

The prices of “black gold” have a negative annual balance. Last week alone they sank 7% in London and New York. And the trend must continue, now that more crude than originally expected is entering the market again.