International oil prices took a sharp downturn on Wednesday, just a day after a significant surge.
The price hike, driven by the U.S. imposing additional sanctions on Iranian oil, was swiftly offset by reports suggesting that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) plan to increase production rates starting in June.
According to foreign media outlets, several OPEC+ member countries have proposed increasing oil output starting in June. Internal disputes over production quotas appear to be driving the push for higher output.
Brent crude, the global oil benchmark, saw its June delivery contract fall by 1.32 USD (1.96%) to 66.12 USD per barrel.
West Texas Intermediate (WTI), the U.S. benchmark, experienced a similar decline. Its June contract, which became the front-month contract on this day, dropped by 1.40 USD (2.20%), closing at 62.27 USD per barrel.
