Commodities hit as oil slumps; iron ore in correction

Alex GluyasMarkets reporter

Updated Jun 4, 2024 – 1.08pm, first published at 12.54pm

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Oil prices are trading at four-month lows as the market continues to digest the surprise move by OPEC+ to restore production earlier than expected, catching traders and analysts off-guard.

Brent crude prices plunged 3.4 per cent to just above $US78 a barrel overnight, while West Texas Intermediate dropped 3.6 per cent to settle near $US74 a barrel – the lowest level for both benchmarks since February. The sell-off extended on Tuesday, dragging Brent below $US78 a barrel, and WTI under $US74 a barrel.

Alex Gluyas is a markets reporter based in our Melbourne newsroom.