Oil prices fall below $60 amid opec+ output increase and trump tariffs

Oil prices have fallen below $60 per barrel as of 3:30 p.m. today. Brent Crude dropped to $60.21 per barrel, while West Texas Intermediate fell to $57.09 per barrel. This decline is attributed to OPEC+'s decision to boost oil output in June, exceeding expectations. The increase in production by OPEC+ member countries, including Saudi Arabia and Russia, amounts to 411,000 barrels a day. This decision, coupled with President Trump's tariffs on steel and other products, is impacting the oil market. Analysts warn that accelerated production levels from OPEC+ may affect demand and production growth within the United States. Rising development costs due to tariffs and falling oil prices could make it difficult for drillers to pursue new projects. Industry experts suggest that layoffs or production cuts may occur if oil prices remain low and tariffs persist.