Crude Oil Sees Further Downside Amid Report OPEC+ May Further Increase Output

(RTTNews) - After turning lower over the course of the previous session, the price of crude oil saw further downside during trading on Thursday.

Crude for July delivery slid $0.37 or 0.6 percent to $61.20 a barrel, closing lower for the third consecutive session.

The continued decrease by crude oil futures came after a report from Bloomberg said OPEC+ members are discussing making a third consecutive oil production surge in July.

Citing OPEC+ delegates, Bloomberg said an output increase of 411,000 barrels a day for July - triple the amount initially planned - is among options under discussion.

Bloomberg noted no final agreement has yet been reached, with a final decision is due to be made at the group's meeting gathering on June 1st.

Oil prices were also impacted by concerns about Washington's ballooning deficit and upcoming U.S.-Iran negotiations and the potential easing of sanctions.

The fifth round of Iran-U.S. talks over Tehran's nuclear program will take place in Rome on Friday, Oman's Foreign Minister Badr Albusaidi announced in a brief statement.