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Oil Prices up after Hitting Lowest Levels in Previous SessionSingapore, 6 May (ONA) — Oil prices went up slightly today, after hitting a four-year low in the previous session, driven by the decision of OPEC+ to accelerate production increases amid concerns about oversupply, despite ongoing fears over demand due to US tariffs.
Brent crude futures rose by 10 cents to reach $60.33 per barrel, while US West Texas Intermediate (WTI) futures also increased by 10 cents to $57.23 per barrel.
Both benchmark crude prices had settled at their lowest levels since February 2021 on Monday.
Last Saturday, the OPEC+ group agreed to accelerate the pace of oil production output for the second consecutive month, raising it by 411,000 barrels per day in June.— Ends/Khalid