Oil drops after OPEC+ decides on gradual easing of supply curbs


Crude has surged this year as the roll-out of coronavirus vaccines paves the way for the reopening of economies, and the decision by the Organization of Petroleum Exporting Countries and its allies was seen as a vote of confidence in the outlook

Oil futures eased in early Asian trading after OPEC+ decided to boost production over the coming months and Saudi Arabia raised prices for shipments to customers in its main market of Asia.

West Texas Intermediate dipped 0.4%, paring the 3.9% gain seen on Thursday, when the alliance decided to loosen its supply curbs gradually. The grouping will raise production by more 1 million barrels a day in stages between May and July, and over the same period, Saudi Arabia will roll back its voluntary 1-million-barrel-a-day reduction. Markets were closed on Friday for a holiday.