Additional pressure on prices is the decision of 8 OPEC+ members to raise their production by 411,000 barrels per day since May
Strong losses of 7% record oil prices, as the sweeping duties announced yesterday by US President Dunnanld Trump in all imports of goods in the US reinforced the fears of the recession of the global economy.
In particular, the price of American crude (WTI) delivery next month is a dip of 7.31% to $ 66.46 a barrel, while the May Spring contract slide 5.29% below $ 66.42.
Correspondingly, the price of Brent oil, which is also a worldwide benchmark for the market, records losses of 6.63% to $ 69.98 a barrel. And the June Brent delivery contract fell 5% to $ 69.95 a barrel.
Earlier eight member countries of OPEC+ agreed to increase their combined production by 411,000 barrels a day, starting in May, accelerating the planned production increases by exerting additional pressure on international oil prices.
In particular, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, at a video confession on the international market, have decided to increase their combined production far more than the increase of almost 140,000 barrels a day.
Source: Skai
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