Oil Prices Dive as OPEC+ Stuck to Its Existing Deal for May Output

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB), gasoline, diesel fuel, and other petroleum products, in Carson, Calif., on March 11, 2022. Picture taken with a drone. Bing Guan/Reuters

LONDON—Oil prices plunged on Thursday, while OPEC+ stuck to its existing deal for May output.

Brent crude futures for May, which expire on Thursday, were down $5.91, or 5.21 percent, to $107.54 a barrel by 1253 GMT.