<ul data-eligibleForWebStory="false"><li>Oil prices dropped as OPEC+ agreed to a larger-than-expected production increase, raising concerns about oversupply and impacting the market.</li><li>Brent oil slid 1.6% to around $67 a barrel, while West Texas Intermediate was below $66, in response to the OPEC+ decision to increase supply by 548,000 barrels a day.</li><li>The move comes amidst global economic uncertainties and US trade policy shifts, with OPEC+ aiming to unwind output cuts ahead of schedule to regain market share.</li><li>Despite Alliance officials citing a steady global economic outlook, there are downside risks to oil prices as seasonal demand may wane after summer, impacting the oil market.</li></ul>

Oil Drops As Larger OPEC+ Supply Increase Raises Glut Concerns

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