Crude oil futures plunged during the Sunday evening trading session as Reuters reports suggested that OPEC+ was set to further speed up oil output hikes.
The Reuters article suggested that OPEC+ could consider bringing back as much as 2.2 million barrels per day of the previously cut oil production by November. While some on X questioned the sources, the damage was already done when the market opened for Sunday night futures trading.
May WTI oil futures were last at $56.03, down almost 4% from Friday’s close.