Crude oil prices faced a sharp decline, dropping over 5% to reach their lowest level in four years at $55 per barrel. The sell-off followed OPEC's announcement to raise production by 441,000 barrels per day amidst economic uncertainty related to the U.S. and global outlook. Goldman Sachs predicts additional increases in July, while U.S. crude production is projected to remain high. Trade tensions continue to cloud demand, and recent geopolitical developments underscore risks to energy markets, particularly following missile strikes by Yemenâs Houthi rebels near Israel.
Crude oil prices dropped over 5%, falling to a four-year low, primarily influenced by OPEC's decision to lift production amid economic uncertainty.
The sell-off in crude oil was fueled by OPECâs announcement of increased production despite persisting trade war uncertainties affecting global demand.
Goldman Sachs warns of further production hikes by OPEC, raising concerns about price stability as U.S. crude output remains high through at least 2026.
The geopolitical landscape complicates market sentiment, as Yemen's Houthi rebels targeted Israel, escalating tensions that could affect energy security.
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