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Oil prices fell more than $1 a barrel yesterday as Opec+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook.
Brent crude futures dropped $1.34, or 2.19 per cent, to $59.95 a barrel early yesterday while US West Texas Intermediate crude was at $56.87 a barrel, down $1.42, or 2.44pc.
Both contracts touched their lowest since April 9 at yesterday’s open after Opec+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day.
The June increase from the eight producers in the Opec+ group will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44pc unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations.
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