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Oil prices plummeted after OPEC+ announced a significant output increase, exacerbating concerns of a global supply glut. Brent crude fell by as much as 4.6% to near $58 a barrel, and West Texas Intermediate dropped to around $56. The decision, reached at a Saturday meeting, aims to penalize overproducing members, marking a strategic shift that has already impacted prices negatively.

Prepared by Christopher Adams and reviewed by editorial team.