Oil Prices Take a Dive

In a surprising turn of events, oil prices reversed earlier gains on Wednesday, dropping more than 2%. This shift comes as indications suggest that several OPEC+ members are pushing for the alliance to speed up production increases for the second consecutive month. The critical meeting is set for May 5th.

Market Reaction

West Texas Intermediate (WTI) for June delivery saw a significant decline, falling by 2.81% to $61.85 per barrel by 10:15 am ET. Similarly, Brent crude for June deliveries wasn't spared, dropping 2.71% to $65.52 per barrel.