Oil tanks
Oil prices fell sharply in early session today, May 5, with both major contracts hitting their lowest levels since April 9, amid reports that OPEC+ may accelerate production increases. 
Brent crude was trading down 3.45% at $59.18 a barrel, at 8:08 am Makkah time. West Texas Intermediate (WTI) crude slumped 3.75% to $56.09 a barrel.
Barclays lowered its Brent crude price forecast in a note on May 4, citing the OPEC+ decision to accelerate the end of voluntary production cuts. The bank expects Brent crude to average $66 and $60 per barrel in 2025 and 2026, down $4 and $2 from its previous forecasts, respectively.
OPEC+ is likely to agree at its June meeting to increase production by approximately 411,000 barrels per day in July, Reuters reported, citing sources familiar with the matter.
Oil tanks
Oil prices fell sharply in early session today, May 5, with both major contracts hitting their lowest levels since April 9, amid reports that OPEC+ may accelerate production increases.
Brent crude was trading down 3.45% at $59.18 a barrel, at 8:08 am Makkah time. West Texas Intermediate (WTI) crude slumped 3.75% to $56.09 a barrel.
Barclays lowered its Brent crude price forecast in a note on May 4, citing the OPEC+ decision to accelerate the end of voluntary production cuts. The bank expects Brent crude to average $66 and $60 per barrel in 2025 and 2026, down $4 and $2 from its previous forecasts, respectively.
OPEC+ is likely to agree at its June meeting to increase production by approximately 411,000 barrels per day in July, Reuters reported, citing sources familiar with the matter.
