Crude oil prices plunged to a multi-year low following OPEC+’s decision to accelerate production hikes for June. During Monday’s Asian session, Brent futures slumped as much as 4.6% to $58.50 per barrel, while West Texas Intermediate futures dropped nearly 5% to $55.53 per barrel at a point, both at their lowest levels since February 2021.
On Saturday, eight OPEC+ members agreed to raise output by 411,000 barrels per day (bpd) next month, extending the group’s ongoing plan to unwind production cuts that began in April. The cumulative increase will reach 957,000 bpd in June, further weighing on prices already pressured by deteriorating global trade conditions.
