Oil increased the decline – Brent dropped to the lowest since mid-March

On Tuesday evening, oil prices accelerated their decline as investors evaluate production forecasts in OPEC+ countries and the current geopolitical situation.

July Brent futures on the London ICE Futures exchange fell to $82.42 per barrel. And WTI futures for June on the New York Mercantile Exchange (NYMEX) fell in price to $77.56 per barrel.

Acting Deputy Prime Minister of the Russian Federation Alexander Novak said in an interview that the possibility of increasing oil production within OPEC+ is at the stage of analysis and discussion. He stressed that the decision depends on the current market situation and the balance of supply and demand. 

News from the Middle East has an additional impact on the black gold market. The media reports that Israel has not yet abandoned plans to conduct an operation in Rafah – the country's military cabinet unanimously voted to continue preparing the operation in order to put pressure on Hamas.

Analysts note that geopolitical factors are once again becoming key for the oil market today.