New York, April 3 (QNA) - Oil prices fell by more than 6 percent Thursday after OPEC+ countries had announced an increase in production in May, adding to the heavy losses already incurred following the announcement of new US tariffs.

Brent crude futures fell USD 4.93, or 6.58 percent, to USD 70.02 a barrel.

US West Texas Intermediate (WTI) crude futures fell USD 5.07, or 7.07 percent, to USD 66.64.

Brent crude is on track for its worst percentage decline since August 1, 2022, while US crude is on track for its worst decline since July 11 of the same year.

This comes after eight OPEC+ countries agreed earlier Thursday to increase oil production by 411,000 barrels per day in May, instead of the previously planned 135,000 barrels per day.

Oil prices have already fallen by about 4 percent before the OPEC+ meeting after US President Donald Trump announced tariffs on all US imports from various countries around the world, amid fears that this move would ignite a global trade war that would hinder economic growth and reduce fuel demand. (QNA)