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🛢️ Oil Prices Tumble on OPEC+ Output Hike Plans
Pulse of the market
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Oil dropped after reports that OPEC+ is considering accelerating production increases by another 500,000 barrels per day over the next quarter.
Combined with resumed exports from Iraq’s Kurdistan region, traders see a looming supply glut.
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Oil prices dipped as OPEC+ weighs boosting output by +500K barrels/day next quarter — raising supply concerns.
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Market jitters: Reports suggest OPEC+ may accelerate production hikes, pressuring crude prices lower.
