Oil Prices Take a Sharp Turn

After showing signs of recovery, oil prices experienced a significant drop of more than 2% on Wednesday. This sudden shift comes as indications suggest that several OPEC+ members are leaning towards proposing an acceleration in production increases for the second consecutive month during their upcoming meeting on May 5th.

Market Reactions

West Texas Intermediate (WTI) for June delivery saw a decline of 2.81%, settling at $61.85 per barrel by 10:15 am ET. Similarly, Brent crude for June deliveries fell by 2.71%, trading at $65.52 per barrel.