0933 ET - OPEC and allies including Russia say they plan to speed up the return of withheld barrels in May, increasing output by 411,000 barrels a day, "equivalent to three monthly increments." The decision adds to losses in crude futures already reeling from the U.S. tariff rollout. "The actual increase over prior expectations may weigh on prices near-term but should be seen as a bullish demand indicator," Alex Hodes of StoneX says in a note. The adjustment "signals confidence in the strength of Asian demand, even as macroeconomic sentiment turns negative." WTI is down 7.1% at $66.59 a barrel, and Brent is off 6.6% at $69.97 a barrel. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 09:33 ET (13:33 GMT)
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