Oil Slumps as OPEC’s Surprise Plan to Raise Output Adds to Gloom
- Alliance plans to start unwinding supply cuts in October
- Futures capped a monthly decline in May on demand concerns
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Oil tumbled after OPEC+ unexpectedly rolled out a plan to restore some production to the market this year, adding to the bearish momentum crude has been experiencing for months.
Global benchmark Brent crude futures slipped 3.4% to settle above $78 a barrel, while West Texas Intermediate fell 3.6% to settle near $74 a barrel. Both benchmarks are at their lowest prices since February.