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Oil Prices Drop as OPEC+ Supply Increase Looms and Ukraine War Drags On

Brent crude falls to $66.83 and WTI to $63.58 as market reacts to rising supply, trade tensions, and fading hopes for swift geopolitical resolutions.

Miniatures of oil barrels and a rising stock graph are seen in this illustration taken January 15, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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Overview

  • Brent crude and WTI prices declined at the start of the week, trading at $66.83 and $63.58 per barrel, respectively.
  • OPEC+ plans to increase daily supply by 411,000 barrels starting in May, contributing to bearish market sentiment.
  • Analysts highlight ongoing global trade tensions and tariff-driven demand concerns as key factors weighing on oil prices.
  • Progress in U.S.-Iran nuclear talks was reported after a second round of negotiations in Rome, with both sides noting improved understanding.
  • Hopes for a quick resolution to the Ukraine war have diminished, further dampening market optimism and affecting crude price trends.