Market Reacts to OPEC+ Production Speculations

In a surprising turn of events, oil prices reversed earlier gains on Wednesday, dropping more than 2%. This shift comes amid growing indications that several OPEC+ members are considering proposing an acceleration in production increases for the second consecutive month during their upcoming meeting on May 5th.

Price Movements Highlighted

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