Oil prices fall sharply on OPEC+ production hike report
Oil prices fell further Thursday on renewed oversupply concerns, following a report suggesting that a group of top producers was considering raising output levels once more.
At 04:55 ET (08:55 GMT), Brent Oil Futures fell 1.2% to $64.16 per barrel and West Texas Intermediate (WTI) crude futures dropped 1.2% to $60.86 per barrel.
The Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, is discussing whether to agree on another large production increase at their meeting on June 1, Bloomberg News reported on Thursday.
An output hike of 411,000 barrels a day (bpd) for July is among the options under discussion, although no final agreement has yet been reached, the report said, citing delegates.
OPEC+ has been in the process of unwinding output cuts, with additions to the market in May and June.
Source: Investing.com