New Delhi, May 7 -- Global crude oil prices posted a sharp drop after Opec decided to enhance its oil supply for the second month in a row. The price of Brent crude slid sharply to under $60 per barrel on Monday, the lowest it has reached in four years, after the Saudi Arabia-led oil cartel said it would increase output by 411,000 barrels per day in June, matching its easing of May.

Crude oil has been on a downtrend for months. The commodity has lost about a fifth of its value so far in 2025 amid an expected demand slump. Oil-guzzlers China and the US are engaged in a trade war that will probably slow economic activity down on both sides of the Pacific and turn oil usage sluggish. US President Donald Trump's tariffs are likely to hit oth...