The oil market is under pressure as OPEC+ members have rapidly ramped up production and the U.S. pressures Ukraine to accept a peace agreement with Russia.

The oil market is under pressure as OPEC+ members have rapidly ramped up production and the U.S. pressures Ukraine to accept a peace agreement with Russia.

U.S. crude fell below $55 a barrel to its lowest since early 2021 as markets reacted to surplus concerns and a potential peace deal in Ukraine.