It is rumored that Saudi Arabia will increase oil production, and oil prices fell below $113

Note that WTI crude futures prices plunged below $113 per barrel after reports that Saudi Arabia would be prepared to increase production if Russia's oil production
fell sharply due to financial sanctions.

WTI crude futures fell as much as 3 percent in early Asian trading after rising slightly on Wednesday, and WTI crude futures were down 2.
57 percent
at press time.
The Financial Times reported that Saudi Arabia has signaled to Western allies that it is ready to increase oil production
.
The news came ahead of Thursday's OPEC+ meeting, which is expected to approve a small increase
in oil production in July.

Currently, the war has exacerbated inflation and pushed up food prices, which has led central banks to aggressively tighten monetary policy
.
JPMorgan CEO Jamie Dimon warned investors to prepare
for shocks as the U.
S.
economy grapples with unprecedented challenges.

Oil prices plummeted after reports that Saudi Arabia might increase oil production

For now, OPEC+ is expected to approve a 430,000 barrels per day increase in production in July, even as the group has struggled to meet its supply targets
in recent months.
However, the group's actions have also failed to quell the market turmoil
caused by the Ukrainian-Russian conflict.
Oil prices rose for the sixth consecutive month in May, the longest streak since early 2011
, as supply shortages due to the Ukraine-Russia conflict coincided with a rebound in demand brought about by the global economic recovery.
Oil prices are likely to rise further as
the European Union nears the completion of its ban on Russian crude imports and the lifting of China's pandemic lockdown.

In addition, API crude oil inventories in the United States reportedly decreased by 1.
18 million barrels, while gasoline inventories decreased by 256,000 barrels
in the week ended May 23.