Sri Lanka, May 4 -- World oil prices saw a dip, with Brent Crude Futures recording USD 58.29 a barrel by 10.26 a.m. today (4). Experts say that the U.S.-China trade war is already hitting oil demand in the shipping and aviation sectors, which account for a combined 10% of global oil consumption.

The slump comes after OPEC+ announced a larger-than-expected output increase for June.

Key producers led by Saudi Arabia and Russia agreed to raise collective output by 411,000 barrels per day (bpd), nearly triple the originally scheduled volume.

The move follows a similar surge announced for May and signals a sharp reversal from OPEC+ efforts to defend oil prices.

Published by HT Digital Content Services with permission from Hiru News....