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Oil Holds April’s Slump as Saudis Signal Increased OPEC+ Supply

Bloomberg.com · last updated

Oil was little changed after the biggest monthly drop since 2021, as signs that the Saudi-led OPEC+ alliance may be entering a prolonged period of higher output added to concerns the trade war will hurt demand.

Brent for July traded near $61 a barrel after dropping 3.5% on Wednesday, while West Texas Intermediate was near $58. Reuters reported that Saudi Arabian officials told allies and industry experts that the kingdom can endure a sustained period of depressed prices, reinforcing expectations that the biggest oil exporter planned to steer OPEC+ to another supply surge next week.

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