COMMODITY
Crude oil futures end lower ahead of possible production surge by OPEC+ in July
May-23-2025

Crude oil futures closed lower on Thursday as crude prices continue to decline after a private report indicated that the OPEC+ members are discussing making a third consecutive oil production surge in July by 411,000 barrels a day. Oil prices were also impacted by concerns about Washington's ballooning deficit and upcoming U.S.-Iran negotiations and the potential easing of sanctions.

Benchmark crude oil futures for July declined $0.37 about 0.60% at $61.20 a barrel on the New York Mercantile Exchange. Brent crude for July delivery plunged $0.47 or 0.72% to settle at $64.44 a barrel on London's Intercontinental Exchange.

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