1003 ET - Oil futures are lower with the market on edge about whether OPEC and allies will decide Monday on another large production increase for June. Brent could again fall into the $50s per barrel if OPEC+ decides to raise output further, analysts at Citi Research say in a note. Oil prices hadn't fallen more because physical markets remain "somewhat tight," they say, and a decision by OPEC+ to stick to its initial output increases of around 138,000 barrels a day could spark a relief rally. "Core members of OPEC tend to be ones maintaining production discipline, but if the UAE also wants to raise production, then Saudi Arabia looks likely to have fewer members to support its approach to greater production discipline," Citi says. WTI is off 0.5% at $57.93 a barrel, and Brent is off 0.5% at $60.76. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 01, 2025 10:03 ET (14:03 GMT)
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