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Oil prices plunge over $2 as OPEC+ announces surprise output hike; Asian markets closed

IndiaTimes Monday, 5 May 2025
Oil prices plummeted after OPEC+ announced increased production, raising concerns about a potential supply glut amidst weakening global demand. This decision, viewed as a shift in strategy towards market share, coincided with fears of economic slowdown due to US tariffs. While Wall Street saw a strong week, analysts remain cautious due to ongoing trade uncertainties and economic challenges.
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