London May 22 2025: Oil prices dropped by more than 1% on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth.
Brent futures lost $1.08, or 1.7%, to $63.83 a barrel by 1134 GMT. U.S. West Texas Intermediate crude was down $1.02, or 1.7%, at $60.55.
The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another large output increase at their meeting on June 1, Bloomberg News reported.
