Oil prices drop as OPEC+ rising production

INA – SOURCES  
Oil prices dropped on Monday, in early Asian trade after the OPEC+ coalition agreed last Thursday, to gradually increase crude oil production from next month, under an economic recovery due to the vaccination campaigns against COVID-19.
Brent crude futures for June fell 16 cents / 0.2 %, to $64.70 a barrel, while US West Texas Intermediate crude for May, fell to $ 61.32 a barrel, down 13 cents / 0.2%.
OPEC+ agreed to ease production restrictions, to increase the level of oil production by 350.000 barrels per day in May, the same amount in June and then 450.000 in July.
This decision came after the new US administration called on Saudi Arabia to keep the energy within the reach of consumers despite demand concerns.
Parts of Europe remained under lockdown while Japan can expand emergency measures as needed to contain a new wave of infections with the virus.
Most of the increase in supplies will come from Saudi Arabia, the world's largest exporter, which has said it will gradually cancel the additional voluntary cuts by July, in a move that would add 1 million barrels per day.