Oil futures remain sharply lower as OPEC+ sticks with previously planned May output rise

A decision by the Organization of the Petroleum Exporting Countries and its allies to stick with a previously planned increase to output in May did nothing to lift crude prices Thursday morning. News reports said OPEC+ quickly agreed to stick with a 432,000 barrel-a-day rise next month. Crude futures remain sharply lower, tumbling after news reports said President Joe Biden was preparing to announce the release of up to 1 million barrels a day of crude from the U.S. strategic petroleum reserve. West Texas Intermediate crude for May delivery was down $6.56, or 6.1%, at $101.26 a barrel on the New York Mercantile Exchange, while Brent crude , the global benchmark, dropped $5.90, or 5.3%, to $105.54 a barrel.

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