Oil Falls as OPEC+ Weighs Another Major Production Increase

Oil slumped as OPEC+ discussed making a second major production increase, inflaming concerns about swelling global supplies that have dragged down crude prices this year.

West Texas Intermediate futures fell 1.6% to settle near $58 a barrel, down more than 7% for the week, with prices holding near the lowest since early 2021. Key OPEC+ nations are considering another production increase of about 400,000 barrels a day in June ahead of a meeting the group pushed forward two days to May 3.