Oil Prices Plunge as OPEC+ Accelerates Production Amid Central Bank Bonanza

Oil prices took a hit on Monday, dropping more than 2% as the OPEC+ group decided to accelerate oil production increases. This decision influenced global markets, with Taiwan's dollar soaring to nearly three-year highs, kicking off a week filled with significant central bank meetings.

European shares hovered just below month-long peaks observed on Friday. Concurrently, U.S. equity futures faltered slightly, attributed to subdued trading owing to holidays in Japan, China, and Britain. Both Brent crude and U.S. West Texas crude futures fell by over a dollar due to concerns about surplus supply amid uncertain demand forecasts.

Attention is riveted on the upcoming meetings of the U.S. Federal Reserve and the Bank of England, as investors eagerly await insights into central banks' perspectives on growth and inflation against a backdrop of fluctuating U.S. tariff policies. Meanwhile, optimism about reduced U.S.-China trade tensions is buoying markets, even as European shares remain just below levels seen prior to Trump's substantial tariff announcement in April.

(With inputs from agencies.)