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Oil prices dropped by more than $1 per barrel on Monday, reaching their lowest levels in over four years. The decline followed OPEC+’s decision to accelerate its output hikes, raising concerns about increased global supply amid uncertain demand.
Brent crude futures closed at $60.23 per barrel, down by $1.06, or 1.7%. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell $1.16, or 2%, to settle at $57.13 per barrel. Both benchmarks ended the day at their lowest levels since February 2021.
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