Oil prices plunged after the OPEC+ group of oil producers agreed to accelerate production hikes once again.
The decision to boost output by 411,000 barrels a day followed another substantial increase earlier this year, and will likely put further pressure on oil prices, which sit near four-year lows over fears of weak economic growth globally.
Prices could fall further still, with ING and Goldman Sachs slashing their forecasts for this year.
The huge new supply ostensibly comes in response to calls by US President Donald Trump to lower oil prices, but experts say the decision has more to do with maintaining discipline within the bloc and punishing countries that have busted group-wide output caps.
AD