OPEC+ to extend crude oil output hike in June

Major oil producing group OPEC Plus says it will accelerate production hikes in June, despite falling crude oil prices.

Eight countries, including OPEC member Saudi Arabia and non-member Russia, met online on Saturday. They agreed to raise output by 411,000 barrels per day in June.

The move follows a bigger-than-planned production hike in May. The eight countries have been scaling back their voluntary output reductions since April.

Crude oil prices have been falling amid growing concerns over the global economic impact of the US-China trade war.

In April, the benchmark WTI futures index hit the 55-dollar range per barrel for the first time in four years and two months. Prices also briefly fell to the 56-dollar range in early May.

Analysts say the output increase could cause a further decline in crude oil prices.