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Crude Oil in the USA fell by 2% as the OPEC+ June production increase expectations put pressure.
WTI Crude Oil in the USA fell about 2% on Monday (May 5), after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to increase production for the second consecutive month. West Texas Intermediate Crude Oil for June delivery on the New York Exchange decreased by $1.16, a drop of 1.99%, closing at $57.13 per barrel. The global benchmark Brent Crude Oil fell by $1.06, down 1.73%, closing at $60.23 per barrel. International oil prices have cumulatively dropped about 20% this year. Last Saturday (May 3), the eight OPEC+ countries led by Saudi Arabia reached an agreement to increase production again in June.
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