Reports Suggest OPEC+ Could Accelerate Output Increases

Oil prices remained suppressed, with Brent crude down $1.14 (1.69%) to $66.30 and WTI down $1.17 (1.84%) to $62.50, after reports that OPEC+ may accelerate output increases by 411,000 barrels per day in June, following May’s hike. 

Kazakhstan’s defiance of OPEC+ quotas, prioritizing national output, further fueled bearish sentiment.

A surprise U.S. crude inventory build of 244,000 barrels, against expectations of a 770,000-barrel draw, added pressure, though large product builds help ease the impact..

Losses were also cushioned by reports of potential U.S. tariff cuts on China to 50-65%, boosting demand hopes, alongside U.S. sanctions on Iranian oil and Trump’s softened stance on the Fed.