Oil Prices Slide Over US$2 As OPEC+ Accelerates Output Hikes

Quick Summary:

Oil prices tumbled more than US$2 per barrel in early Asian trade on Monday, as OPEC+ surprised markets by fast-tracking production increases, raising concerns of oversupply.

Brent crude dropped US$2.04 or 3.33% to US$59.25 per barrel, while US West Texas Intermediate (WTI) fell US$2.10 or 3.60% to US$56.

In response, Iran’s Defence Minister Aziz Nasirzadeh warned that Tehran would retaliate if attacked by Israel or the United States.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaIraqIsraelKazakhstanSaudi ArabiaUnited States

Topics: Global News Oil prices

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-05 @ 23:46:13 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: businesstoday.com.my

Language: English

Article Length: 411 words

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Sentences: 15 lines

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Copyright Owner: © Business Today

News ID: 28421887

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