Audio By Carbonatix
Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns of more supply.
Brent crude futures dropped $2.15 a barrel, or 3.51%, to $59.14 a barrel by 2208 GMT while U.S. West Texas Intermediate crude was at $56.03 a barrel, down $2.26, or 3.88%.
Both contracts touched their lowest since April 9 at Monday's open after Reuters reported that OPEC+ will accelerate oil output hikes and could bring back to the market as much as 2.2 million barrels per day by November as the group's leader, Saudi Arabia, seeks to punish some fellow members for producing above quotas.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Assembly Member urges swift commissioning of Aklakpa–Tsetsekpo bridges in North Tongu
28 minutes -
Fatawu Issahaku scores stunning long-range goal in Leicester City win [VIDEO]
1 hour -
Western Regional Health Services intensifies surveillance & treatment of Mpox disease Â
2 hours -
Stakeholders hold Regional Agribusiness Dialogue to boost inclusive industrial growth
2 hours -
Tourism Minister commends Africa Arts Network for promoting Ghana’s creative sector
2 hours -
UNEA-7 delivers new global actions on climate, pollution, biodiversity, wildfires and glacier protection
2 hours -
I genuinely hope Nyindam wins Kpandai rerun – Franklin Cudjoe
2 hours -
EC errors, not candidates’, caused Kpandai rerun – Franklin Cudjoe
3 hours -
Kpandai rerun: Positive voter mood may boost NDC – Global InfoAnalytics
3 hours -
Kpandai election impasse: Abraham Amaliba urges Supreme Court intervention
3 hours -
Daily Insight for CEOs: The CEO’s role in performance management and accountability systems
3 hours -
Obuasi: Man murdered in brutal home invasion
3 hours -
Ghana’s highlife icon Daddy Lumba laid to rest after bitter legal tussle over postmortem and authority
3 hours -
Veep tasks UENR graduates to build Ghana’s sustainable future
4 hours -
Daddy Lumba’s blemished final rite
4 hours