Global crude oil prices declined today following reports that OPEC+ will proceed with a planned output increase in April.
Brent crude oil futures decline over 1 dollar, or 1.5 percent, to 70.57 dollars a barrel. US crude dipped 86 cents, or 1.3%, at 67.51 dollars a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, known as OPEC+, also decided yesterday to proceed with a planned April oil output increase of 1,38,000 barrels per day, the group’s first since 2022.
Further weighing on oil was Trump’s halt of military aid to Ukraine, with some experts saying the growing distance between the White House and Ukraine could see potential US sanctions relief for Russia, with more oil supply returning to the market.