Oil Prices Drop as OPEC May Pump More Oil

Oil prices went down this week because OPEC+ might produce more oil than planned in July. OPEC+ is a group of countries that control how much oil they make.

Right now, Brent oil costs $64.60 per barrel and West Texas oil costs $61.30 per barrel. Last week, prices went up because people worried Israel might attack Iran's nuclear sites.

Experts say oil prices dropped because there will be more oil available if OPEC+ increases production by 411,000 barrels per day. This means plenty of oil for everyone in the second half of the year.

President Trump made a deal with Europe to wait until July before adding big taxes on their products. He also threatened Russia with more punishments after they attacked Ukraine more heavily.

Iran's president said his country can survive even if America keeps punishing them with sanctions. If America and Iran make a peace deal, America would stop blocking Iran's oil sales. This would put more Iranian oil on the market and make prices drop even lower.

The main reason oil prices are falling is because traders think there will be too much oil available soon.