Oil Falls to Lowest in Two Weeks as OPEC+ Weighs Output Surge

Oil fell to its lowest settling price in almost two weeks as US stockpiles gained and OPEC+ members discussed another major production increase, just as demand faces headwinds from the US-led trade war.

West Texas Intermediate slid 0.6% to settle just above $61 a barrel. Brent dropped to settle below $65. If OPEC+ approves the potential increase of 411,000 barrels a day when it meets on June 1, it will mark the third month in a row the cartel has agreed to boost supplies by triple the initially scheduled amount.