US EditionOil prices slide after OPEC+ output hike
- On Monday, crude oil prices declined following an announcement by Saudi Arabia, Russia, and six other OPEC+ nations of a substantial rise in production by 411,000 barrels per day scheduled for June.
- This decision follows years of Saudi-led production cuts and stems from concerns about oversupply amid fears that US trade tensions could weaken global demand.
- The announcement made on Saturday signals a strategic move by the cartel to boost market share amid ongoing concerns that US tariffs could slow down the global economy.
- West Texas Intermediate dropped 3.8 percent to $56.08 and Brent crude fell 3.5 percent to $59.17 per barrel as Ipek Ozkardeskaya noted, "The exact motive remains unclear."
- The output hike worsens oversupply concerns amid uncertain demand outlooks and upcoming central bank meetings that investors await for further economic signals.
Insights by Ground AI
Does this summary seem wrong?
82 Articles
82 Articles
All
Left
11
Center
16
Right
12
Oil prices drop as OPEC+ agrees to ramp up supply
The NewsOil prices plunged after the OPEC+ group of oil producers agreed to accelerate production hikes once again.The decision to boost output by 411,000 barrels a day followed another substantial increase earlier this year, and will likely put further pressure on oil prices, which sit near four-year lows over fears of weak economic growth globally.Prices could fall further still, with ING and Goldman Sachs slashing their forecasts for this yea…
·New York, United States
Read Full Article
Daily Journal+12 Reposted by 12 other sources
Oil prices slide after OPEC+ output hike
Oil prices slumped on Monday after OPEC+ countries announced a sharp production increase despite oversupply concerns and growing fears that US President Donald Trump's trade war could weaken demand.
·Cherokee County, United States
Read Full Article
Coverage Details
Total News Sources82
Leaning Left11Leaning Right12Center16Last UpdatedBias Distribution41% Center
Bias Distribution
- 41% of the sources are Center
41% Center
L 28%
C 41%
R 31%
Factuality
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
