Muscat: Oil prices fell more than $2 a barrel in early Asian trade today as OPEC+ is set to further speed up oil output hikes. Brent crude futures dropped $2.15 a barrel, or 3.51%, to $59.14 a barrel, while US West Texas Intermediate crude was at $56.03 a barrel, down $2.26, or 3.88%.

According to Oman News Agency, the decline in oil prices comes amid expectations of increased production from OPEC+ members. The group’s decision to accelerate output hikes is seen as a move to stabilize the global oil market, which has been experiencing fluctuations due to various factors affecting demand and supply.

The fall in prices is being closely monitored by stakeholders in the energy sector, as it could have implications on the global economic recovery efforts. The changes in crude oil prices are also expected to impact inflation rates and consumer spending patterns worldwide.