International oil prices dropped on Thursday.
Despite a significant, unexpected decrease in U.S. weekly oil inventories, prices fell just a day after rebounding, driven by the potential output increase from OPEC+.
The eight nations participating in OPEC+’s voluntary production cuts are widely expected to decide on restoring these cuts—effectively increasing output—during a virtual meeting scheduled for Saturday.
This upcoming meeting will determine the extent of production increases for July.
News of U.S. weekly oil inventories dropping by 2.795 million barrels as of May 23 was overshadowed by forecasts of OPEC+ production increases.
Brent crude, the global benchmark, settled at 64.15 USD per barrel, down 0.75 USD (1.16%) from the previous session.
Similarly, West Texas Intermediate (WTI), the U.S. benchmark, closed at 60.94 USD per barrel, falling 0.90 USD (1.46%).
