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4/5, 6:56 PM (Source: TeleTrader)
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WTI down over 5% with OPEC+ set to ease output cuts

Prices of oil futures fell by over 4% on Monday after OPEC+ announced last week it will gradually ease the oil production cuts currently in place for three months, starting with May. In addition, traders will be focused on the outcome of the upcoming negotiations on the Joint Comprehensive Plan of Action (JCPOA), or the Iranian nuclear deal, which could bring some clarity on future developments regarding sanctions on Tehran's oil exports.

Brent for June deliveries declined 4.7% to go for $61.61 per barrel at 12:40 pm ET, while West Texas Intermediate (WTI) for settlements in May dropped 5.46% to sell for $57.98 per barrel a minute later.

Breaking the News / MS