0834 ET - Crude futures are lower after OPEC+ agrees to bring back another 411,000 barrels a day of production in June, further accelerating the unwinding of cuts. The increase "may do little to crimp the actual volumes of chronic overproducers, with non-OPEC impacts rather the ones to watch over the next quarter if WTI is kept at current prices," Neil Crosby of Sparta Commodities says in a note. Meanwhile, refiners are coming out of maintenance with strong margins, while U.S. and global/OECD crude stock patterns "typically move into seasonal draws soon," he adds. "One hope may be to spur oil demand and economic growth during this trade war." WTI is down 2% at $57.10 a barrel and Brent is off 1.8% at $60.16.(anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 05, 2025 08:35 ET (12:35 GMT)
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