Brent falls below $69 following OPEC+ output increase as demand outlook deteriorates

The news yesterday that OPEC+ are to actually increase output beyond that which was planned has dealt a further blow to oil prices this morning. Brent was already under pressure yesterday owing the sharply lower demand outlook now envisaged by the markets. Perhaps had it not slumped so much beforehand the downside reaction might be worse. So, Brent settled $4.81 lower on the NYMEX exchange yesterday, at $70.14. That was actually higher than the levels seen earlier in the day, but that closing rebound has given way to more downside today, as the demand outlook seems to deteriorate even more. So, Brent for June delivery has fallen below $69 per barrel this morning. The low seen so far has been set at $68.67 and that speaks volumes about what the oil markets think about the prospect of a global recession. It is currently trading at $68.72