Oil Prices Drop Sharply on Monday

PUKMEDIA

Oil Prices.

Global oil prices continued to decline sharply on Monday, with West Texas Intermediate (WTI) falling to approximately $56.08 per barrel and Brent Crude dipping to around $59.15. This represents one of the most significant monthly drops since 2021.

The decline follows an announcement from OPEC+ that it will increase production by 411,000 barrels per day from 1 June. While intended to help stabilise the market, the decision has sparked concerns about a potential oversupply amid weak global demand.

Analysts also cite ongoing economic uncertainty and a resurgence in trade tensions as key drivers behind the downturn. With most Asian markets shut due to public holidays, low trading volumes may have further intensified the price swings.

Investors are now closely monitoring further signals from OPEC+ and upcoming economic data that could influence future demand expectations.



PUKMEDIA