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Commodity Mid Session News

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(05 May 2025, 14:55)

WTI Crude slippery at $57 per barrel, OPEC to increase output

WTI Crude oil futures stayed slippery today as worries over near term demand weighed on the sentiments. Markets also focused on increasing global supplies, keeping the counter pinned near a four-year low. WTI Crude oil futures are currently trading at $56.99 per barrel, down around 2.20% on the day. The counter tumbled around 7.50% in last week. In a key update for oil markets, Organization of the Petroleum Exporting Countries agreed on Saturday to increase output by another 411,000 barrels per day in June. It had decided to raise production in May by the same amount. Worries over near-term Chinese demand is capping any gains in oil despite supportive cues from global equities.
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