Oil falls more than 4% as coming OPEC+ production ramp weighs
Oil fell more than 4% on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply.
Brent crude for June fell $3.08, or 4.8%, to $61.78 a barrel. U.S. West Texas Intermediate crude for May settled $2.80, or 4.56%, lower at $58.65 per barrel.
In another development that could eventually boost supply, investors are focused on indirect talks between Iran and the United States as part of negotiations to revive the 2015 nuclear deal.
Reference: CNBC
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