Oil companies slip further as oversupply fears add to tariff worries

Shares of oil companies decline further in morning trading after eight OPEC+ countries announced they would advance their plan for oil output hikes

OPEC+ will increase output by 411,000 barrels per day in May

Brent futures LCOc1 fall 6.1% to $70.36/bbl; U.S. West Texas Intermediate crude futures CLc1 decline 6.6% to $66.99/bbl by 1344 GMT (09:44 a.m. ET) O/R

U.S. oil majors Exxon Mobil XOM.N down 3%, while Chevron CVX.N falls 3.8%

Oil and gas producer Occidental Petroleum OXY.N down 6%, while oilfield services company Halliburton HAL.N declines 7.2%

Refiner Marathon Petroleum MPC.N down 7.8%, while Valero VLO.N down 8%

U.S. President Donald Trump on Wednesday announced sweeping new tariffs, which investors worry will inflame a global trade war and limit fuel demand

Import of oil, gas and refined products exempted from the new tariffs - White House