Reuters was first to report on April 3 that OPEC+ had agreed to increase oil output in May by a larger amount than the market had expected, prompting global oil prices to deepen earlier declines.
The news prompted oil prices to extend losses that were already falling due to President Donald Trump’s imposition of tariffs on trading partners. On the day, Brent futures settled at $70.14 a barrel, down $4.81, or 6.42%.
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