Oil prices fell significantly on May 05 (Monday) after OPEC+ announced plans to boost oil production by 411,000 barrels per day (bpd) in June, compared to May levels, as part of a plan to gradually unwind voluntary output cuts, the group said Saturday following a virtual meeting. The decision to increase output sparked concerns over a potential oversupply, further exacerbating fears of fragile global demand.<o:p></o:p>
International benchmark Brent crude futures were trading at $59.14 per barrel as of 04.09 GMT, a 3.51 per cent decline on the previous close, while the US benchmark West Texas Intermediate (WTI) &nbsp;dipped by 3.76 per cent to $56.1 per barrel. However, key benchmarks later recovered some ground with Brent futures trading at $60.17 per barrel, down 1.83 per cent as of 07.27 GMT, and WTI futures declining by 1.85 per cent to $57.21 per barrel, down from $58.10 at the close of the prior session.<o:p></o:p>
<h2 class="MsoNormal">OPEC&rsquo;s oil supply<o:p></o:p></h2>
The OPEC+ group announced that eight of its members&mdash;Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman&mdash;would increase oil output starting June. This marks the second consecutive month of production hikes, following a decision to unwind voluntary production cuts that had been in place for months.<o:p></o:p>
The move is seen as a response to supply concerns, as the global oil market has experienced significant volatility in recent months, with prices falling nearly 30 per cent over the past year and about 20 per cent in 2025. Despite this, OPEC+ pointed to strong fundamentals as the reason behind the decision, although analysts have speculated that the increase could also be aimed at improving relations with the US, particularly ahead of President Donald Trump's scheduled visit to the West Asia later this month.<o:p></o:p>
<h2 class="MsoNormal">Oil and paint companies profit<o:p></o:p></h2>
The development led to 2 per cent to 3 per cent rally in the shares of oil marketing companies, paint manufacturers, and tyre companies. Following the plunge in crude, shares of Bharat Petroleum traded at ₹323 a piece, up by 4.1 per cent, Hindustan Petroleum up 5.6 per cent and Indian Oil Corporation up 3.9 per cent.<o:p></o:p>
Apart from these shares of paint companies like Asian Paints, Berger Paints, Indigo Paints, and Kansai Nerolac also traded 1 per cent to 2 per cent higher in the morning session.<o:p></o:p>
(With inputs from agencies)

Business & Economy: Oil prices saw a sharp fall after the eight-member OPEC+ announced plans to boost oil production by 411,000 barrels per day in June

Oil prices fell significantly on May 05 (Monday) after OPEC+ announced plans to boost oil production by 411,000 barrels per day (bpd) in June, compared to May levels, as part of a plan to gradually unwind voluntary output cuts, the group said Saturday following a virtual meeting. The decision to increase output sparked concerns over a potential oversupply, further exacerbating fears of fragile global demand. International benchmark Brent crude futures were trading at $59.14 per barrel as of 04.09 GMT, a 3.51 per cent decline on the previous close, while the US benchmark West Texas Intermediate (WTI) dipped by 3.76 per cent to $56.1 per barrel. However, key benchmarks later recovered some ground with Brent futures trading at $60.17 per barrel, down 1.83 per cent as of 07.27 GMT, and WTI futures declining by 1.85 per cent to $57.21 per barrel, down from $58.10 at the close of the prior session. OPEC’s oil supply The OPEC+ group announced that eight of its members—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—would increase oil output starting June. This marks the second consecutive month of production hikes, following a decision to unwind voluntary production cuts that had been in place for months. The move is seen as a response to supply concerns, as the global oil market has experienced significant volatility in recent months, with prices falling nearly 30 per cent over the past year and about 20 per cent in 2025. Despite this, OPEC+ pointed to strong fundamentals as the reason behind the decision, although analysts have speculated that the increase could also be aimed at improving relations with the US, particularly ahead of President Donald Trump's scheduled visit to the West Asia later this month. Oil and paint companies profit The development led to 2 per cent to 3 per cent rally in the shares of oil marketing companies, paint manufacturers, and tyre companies. Following the plunge in crude, shares of Bharat Petroleum traded at ₹323 a piece, up by 4.1 per cent, Hindustan Petroleum up 5.6 per cent and Indian Oil Corporation up 3.9 per cent. Apart from these shares of paint companies like Asian Paints, Berger Paints, Indigo Paints, and Kansai Nerolac also traded 1 per cent to 2 per cent higher in the morning session. (With inputs from agencies)

Oil sees a sharp decline as OPEC+ decides to increase supply

Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US&nbsp;Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia's oil industry.

Benchmark Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since January&nbsp;8, 2020. By 1110 GMT, it was trading up 12 cents or 0.2 per cent&nbsp;at $69.48, still hovering around its highest level in more than a year.

Also read|&nbsp;<a href="https://www.wionews.com/world/yemens-houthi-rebels-target-saudi-arabias-aramco-oil-facilities-368713" hreflang="en">Yemen's Houthi rebels target Saudi Arabia's Aramco oil facilities</a>

US&nbsp;West Texas Intermediate (WTI) crude was up 14 cents or 0.2 per cent&nbsp;at $66.23 after touching $67.98 a barrel, its highest since October 2018.

Brent and WTI prices have climbed for four consecutive sessions.

The US&nbsp;Senate passed on Saturday President Joe Biden's $1.9 trillion COVID-19 relief plan, lifting prospects for the economy and fuel demand that has been pummelled by the pandemic.

Adding support, Houthi forces in Yemen fired drones and missiles at Saudi Arabia, including a Saudi Aramco facility at Ras Tanura that is vital to petroleum exports. Riyadh said there were no casualties or loss of property.

"This suggests that we could see further upside in the market in the near-term, particularly as the market probably now needs to be pricing in some sort of risk premium, with these attacks picking up in frequency," ING analysts said in a report.

Prices have been buoyant since the Organization of the Petroleum Exporting Countries, Russia and their oil-producing allies, known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia's oil industry.

Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia's oil industry. Benchmark Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since January 8, 2020. By 1110 GMT, it was trading up 12 cents or 0.2 per cent at $69.48, still hovering around its highest level in more than a year. Also read| Yemen's Houthi rebels target Saudi Arabia's Aramco oil facilities US West Texas Intermediate (WTI) crude was up 14 cents or 0.2 per cent at $66.23 after touching $67.98 a barrel, its highest since October 2018. Brent and WTI prices have climbed for four consecutive sessions. The US Senate passed on Saturday President Joe Biden's $1.9 trillion COVID-19 relief plan, lifting prospects for the economy and fuel demand that has been pummelled by the pandemic. Adding support, Houthi forces in Yemen fired drones and missiles at Saudi Arabia, including a Saudi Aramco facility at Ras Tanura that is vital to petroleum exports. Riyadh said there were no casualties or loss of property. "This suggests that we could see further upside in the market in the near-term, particularly as the market probably now needs to be pricing in some sort of risk premium, with these attacks picking up in frequency," ING analysts said in a report. Prices have been buoyant since the Organization of the Petroleum Exporting Countries, Russia and their oil-producing allies, known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

Brent hits $70 for first time since pandemic began after Saudi attack

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Oil sees a sharp decline as OPEC+ decides to increase supply

Brent hits $70 for first time since pandemic began after Saudi attack