Oil pares losses, Brent crude closes above $60.

Oil tanks

Oil pared losses on the first trading day of the week today, May 5, amid expectations of a price decline due to OPEC+ plans to accelerate production.

Brent crude futures for July delivery fell 1.7%, or $1.06, to close at $60.23 a barrel, after touching $58.50 earlier in the day.

WTI crude futures for June delivery dropped 2%, or $1.16, to $57.13 a barrel, paring losses after touching $55.30.

OPEC+ decided to accelerate its oil production increase for the second consecutive month, increasing the alliance's supply in June by 411,000 barrels per day, bringing the combined increases for April, May, and June to 960,000 barrels per day.

Goldman Sachs lowered its forecast for average Brent crude oil prices by $2 from previous estimates, to $60 per barrel and $56 per barrel for the current and next years, respectively.

The bank expects OPEC+ production to increase by 410,000 barrels per day in July for the third consecutive month, up from the previous estimate of 140,000 barrels per day.