U.S. crude oil prices fell by more than 1 percent on May 5, after eight major energy producers agreed over the weekend to accelerate production.
West Texas Intermediate (WTI), a U.S. benchmark for oil prices, tumbled by 1.5 percent to below $58 a barrel on the New York Mercantile Exchange. U.S. oil prices are down 20 percent this year.
Brent, the international benchmark for oil prices, erased about 1.3 percent to slide below $61 a barrel on London’s ICE Futures exchange. Year to date, Brent prices have slumped by more than 19 percent.
Allies of the Organization of Petroleum Exporting Countries, OPEC+, agreed on May 3 to bolster output by another 411,000 barrels per day (bpd) effective June. This is higher than the market’s consensus forecast of 140,000 bpd….