Oil Prices Under Pressure From the Prospect of Another OPEC+ Hike

Crude oil prices slid further today after a weak start to the week, following reports that OPEC+ was discussing a greater than originally planned production hike for July. These reports have been circulating for a few days now, fueling pessimism among traders and forecasters. At the time of writing, Brent crude was trading at $64.60 per barrel while West Texas Intermediate was at $61.30, after last week both recouped some of their earlier losses on reports about a more or less imminent Israeli strike on Iranian nuclear facilities. “Crude…