Oil tumbled to four-month lows as OPEC+ planned to ease supply cut
In the latest meeting, the oil-producing alliance agreed to extend most of the output cuts into 2025 but would start unwinding the voluntary cuts from 8 members
International benchmarks for crude oil tumbled nearly $3/barrel on Monday, 3 June 2024 to the lowest levels since February on worries that the OPEC+ output decision would boost supply toward the end of the year amid slowing demand.
Brent fell $2.75 or 3.4% to close at $78.36/barrel. This is the first time Brent settled below the $80/barrel benchmark since 7 February.
WTI loses $2.77 or 3.6% to settle at $74.22/barrel.
In the latest meeting, the oil-producing alliance agreed to extend most of the output cuts into 2025 but would start unwinding the voluntary cuts from 8 members as early as October 2024.