Oil prices dropped by more than 1% on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures fell 96 cents,

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Oil prices fell more than 1% on Thursday following a report that OPEC+ is discussing a production increase for July, stoking concerns any potential increase in global supply would exceed demand growth.

Oil prices dropped by more than 1 per cent on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures lost $1.

Oil prices fell on Thursday after a report suggested that OPEC+ plans to boost its production in July amid a surprising buildup in U.S. crude inventory. Brent crude futures fell about 1% to $64.29 per barrel,

Stock markets in the Gulf were trading lower early on Thursday, weighed down by a more-than-1.5% drop in oil prices and growing concerns over a deteriorating fiscal outlook in the U.S.

OPEC+ members are reportedly discussing whether to agree on another super-sized production increase at their meeting on June 1, potentially making it the third consecutive month in which the group would add extra barrels to the market.