OPEC+’s decision to accelerate production increases has heightened concerns about a rising supply amid uncertain global demand prospects.

West Texas Intermediate (WTI) crude for the June delivery decreased by US$1.16 (2%), reaching US$57.13/barrel on the New York Mercantile Exchange. Brent crude for the July delivery fell by US$1.06 (1.7%), settling at US$60.23/barrel.

Both major benchmark oil prices hit their lowest closing levels since February 2021.