Higher OPEC+ output, tariff uncertainty raising oil price volatility, EIA says

Perceptions of oversupply among oil market participants from increasing OPEC+ output and uncertainty about the economic impact of tariffs have raised short-term oil price volatility, the U.S. Energy Information Administration said on Tuesday. Oil prices hit a four-year low on Monday after the Organization of the Petroleum Exporting Countries and its allies, known together as OPEC+, agreed to another accelerated oil output hike for June. Still, the EIA said it expects OPEC+ to keep production below the group's current target path.