Oil prices plunged on concerns about a global glut after OPEC+ agreed to a large output increase, adding to supplies at a time when demand is being hampered by headwinds from the trade war.
Global benchmark Brent plunged as much as 4.6% to $58 a barrel as the week began, while West Texas Intermediate neared $56. The decision by OPEC and its allies came at a meeting Saturday, with the group's leaders seeking to punish overproducing members including Kazakhstan in a shift in strategy that has sent prices plunging. (Newsmaker23)
Source: Bloomberg
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