Market Reacts to OPEC+ Production Speculations

In a surprising turn of events, oil prices experienced a significant drop, shedding more than 2% of their value. This downturn followed indications that several OPEC+ members are considering proposing an acceleration in production increases for the second consecutive month during their next meeting on May 5th.

Price Movements Highlighted

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 wasn't spared, falling by 2.71% to $65.52 per barrel.