U.S. crude oil extends losses, falls below $73 per barrel on OPEC+ increasing supply

• U.S. crude oil has erased most gains for the year and is now up just under 2% in 2024.
• In a surprise move, eight OPEC+ producers laid out a plan to phase out 2.2 million bpd in production cuts starting in October.
• The OPEC+ decision has let the “bearish genie out of the bottle,” analyst Tamas Varga said.

Crude oil prices today: WTI below $73 as OPEC+ to increase supply (cnbc.com)