Oil prices were down about 5 percent in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) cut its economic growth forecasts and warned of higher inflation.
Brent crude, the global benchmark, fell $5.91, or 5.22 percent, to settle at $107.25 a barrel, while U.S. West Texas Intermediate dropped $5.65, or 5.22 percent, to settle at $102.56 a barrel.
Prices declined despite lower output from OPEC+, which produced 1.45 million barrels per day below its targets in March, as Russian output began to decrease following sanctions imposed by the West over its invasion of Ukraine, according to a report from the producer alliance seen by Reuters.
Russia produced about 300,000 barrels per day below its target in March at 10.02 million bpd, based on secondary sources, the report showed.
OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. read more
Click here to read more from Marcy De Luna at Reuters.