WTI crude oil futures fell more than 3% to around $56.2 per barrel on Monday as OPEC+ agreed to ramp up production, fueling fears about a global supply glut. OPEC+ will accelerate oil output hikes for a second consecutive month, raising output in June by 411,000 bpd. This could bring back as much as 2.2 million bpd to the market by November as the group's leader Saudi Arabia seeks to punish some fellow members that have exceeded their quotas. These supply concerns overshadowed earlier news about China weighing talks with the U.S. that could ease trade tensions between the two economic giants. On the geopolitical front, tensions in the Middle East increased after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against the Houthis and to act against "their patron" Iran after a missile fired by the group landed near Israel's main airport. In response, Iran's Defense Minister Aziz Nasirzadeh warned on Sunday that Tehran would strike back if attacked by the U.S. or Israel.
Source: Trading Economi
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