Oil sinks as Opec+ supply surge threatens to swamp global market

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The Straits Times 18h ago

Oil sinks as Opec+ supply surge threatens to swamp global market - The Straits Times

Quick Summary:

Brent tumbled by as much as 4.6 per cent toward US$58 a barrel.

The latest hike of more than 400,000 barrels a day from June matched a similar increase announced in April, when the group made the shock decision to bring back triple the planned volume for May.

The dramatic policy pivot by Opec+ has added momentum to the sustained sell-off, which has made oil one of the worst performing major commodities of 2025.