U.S. crude oil prices fall after OPEC+ agrees to surge production in June

U.S. crude oil futures fell more than 2% on Monday, after OPEC+ agreed to surge production for a second month.

U.S. crude oil futures fell more than 2% on Monday, after OPEC+ agreed to surge production for a second month.

U.S. crude was down $1.55, or 2.66%, at $56.74 a barrel by 10:26 a.m. ET. Global benchmark Brent fell $1.45, or 2.37%, to $59.84 per barrel. Oil prices have fallen about 20% this year.

The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount.

The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.

Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Donald Trump’s tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.