Oil is becoming much cheaper today. In a market climate, the impact of OPEC + ‘s decision to increase production exceeded signs of a US economic recovery and expectations of a broader recovery in oil demand.
At about 7 p.m., in our time, the price of North Sea Brent crude fell five percent to $ 61.59 a barrel.
At the same time, the WTI price of U.S. light oil fell 5.4 percent to $ 57.87 a barrel. The OPEC + group, which brings together the major producers of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia, decided on Thursday to increase production every month from May to July.
Iran, which has had an exemption from production restrictions, is also increasing oil production. “Timing is not goodMizuho businessman Bob Yawger said.
“OPEC + appeared to be continuing the mine reduction agreement, but no. Now it looks like he’s paying for it, at least in the short term“added.