Oil price falls more than 4% on rising OPEC+ supply, COVID-19 spikes

Brent crude for June fell settled at US$62.15 a barrel, down $2.71, or 4.2%. U.S. West Texas Intermediate settled at $58.65 a barrel, shedding $2.80, or 4.6%

Brent crude for June fell settled at US$62.15 a barrel, down $2.71, or 4.2%. U.S. West Texas Intermediate settled at $58.65 a barrel, shedding $2.80, or 4.6%.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to hike production monthly from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply.