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Oil prices dropped Thursday amid worries about an escalating trade war from Trump's tariffs , as OPEC and its allies sped up plans to increase output and unwind supply cuts.

Brent crude futures were recently trading at $69.90 per barrel Thursday, while West Texas Intermediate futures were at about $66, both down around 7%.

The Organization of the Petroleum Exporting Countries and allies (OPEC+) , a grouping led by Saudi Arabia and Russia, said in a statement Thursday that it would add 411,000 barrels a day to the market next month, “equivalent to three monthly increments.”

“This comprises the increment originally planned for May in addition to two monthly increments,” the grouping said.

In early March, the group affirmed plans to gradually increase crude production beginning in April, ending a voluntary program it started almost two years ago to prop oil prices. The group had a policy of voluntary production cuts of 2.2 million barrels per day (B/D) .

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