Updates
** Shares of oil companies decline further in premarket trading after eight OPEC+ countries announced they would advance their plan for oil output hikes by increasing output by 411,000 barrels per day in May
** Brent futures LCOc1 fall 5.9% to $70.52/bbl; U.S. West Texas Intermediate crude futures CLc1 decline 6.2% to $67.25/bbl by 1203 GMT O/R
** U.S. oil majors Exxon Mobil XOM.N down 3.7% while Chevron CVX.N falls 3.6%
** Oil and gas producer Occidental Petroleum OXY.N down 5.4%, while oilfield services company Halliburton HAL.N declines 4.7%
** Europe's oil cos .SXEP down 4.5%, with BP BP.L down 5.2% and Shell SHEL.L falling ~4.3%
** U.S. President Donald Trump on Wednesday announced sweeping new tariffs that investors worry will inflame a global trade war and limit fuel demand
** Import of oil, gas and refined products exempted from the new tariffs - White House
(Reporting by Arunima Kumar and Seher Dareen in Bengaluru)
((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94 ;))
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