RE: What the Hell22 May 2025 15:19
Brent crude oil futures slipped below $64 per barrel on Thursday, hitting two-week lows, after reports emerged that OPEC+ members are considering another large production increase. A hike of 411,000 barrels per day for July is among the options being discussed, though no final agreement has been reached yet. This comes as markets were already concerned about oversupply, following an unexpected increase in US crude stockpiles reported by the EIA last week. Adding to the bearish sentiment was a broader sell-off across financial markets, driven by concerns over the growing US deficit. Meanwhile, investors closely monitored developments ahead of the fifth round of nuclear talks between the US and Iran this weekend. The talks helped ease fears of potential supply disruptions in the Middle East, following media reports on Wednesday of possible Israeli strikes on Iranian nuclear facilities.