0845 ET - Oil futures rebound from yesterday's drop prompted by the OPEC+ decision to add another 411,000 barrels a day to output levels in June, which is widely seen as a change in strategy by the producer group. "The global oil market will, all else equal, be better supplied over the coming years than previously looked likely," David Oxley of Capital Economics says in a note as the firm cuts its year-end price forecast for Brent to $60 a barrel from $70, and for the end of 2026 to $50 from $60. "The group will now probably take things on a month-by-month basis, which will do little to calm price volatility," Oxley says. WTI is up 2.5% at $58.57 a barrel and Brent is up 2.4% at $61.68 a barrel. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 06, 2025 08:45 ET (12:45 GMT)
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