Oil Rises 1% as Price Drop Triggers Buying

PUKMEDIA

Oil field.

On Tuesday, 6 May 2025, oil prices rose more than 1% thanks to technical comeback and dip buying following a decline in the previous session caused by OPEC+'s agreement to speed up supply increases.

By 0309 GMT, U.S. West Texas Intermediate crude increased 89 cents to $58.02 a barrel, while Brent crude futures increased 92 cents to $61.15 a barrel.

Due to an OPEC+ decision over the weekend to accelerate oil production hikes for a second consecutive month, both benchmarks ended Monday at their lowest levels since February 2021.



PUKMEDIA