U.S. crude oil futures dropped over 4% on Sunday after OPEC+ announced a second consecutive monthly production increase, according to CNBC. The group agreed to boost oil production by 411,000 barrels daily in June, matching a similar surprise increase in May. The combined two-month hike is nearly triple Goldman Sachs’ forecast. Oil prices saw their steepest monthly drop since 2021 in April, as Trump’s tariffs sparked recession fears amid rising OPEC+ supply. Chevron and Exxon reported lower first-quarter earnings year-over-year, driven by declining oil prices. Goldman Sachs expects U.S. crude to average $59 and Brent $63 per barrel in 2025.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02U.S. crude oil futures dropped over 4% on Sunday after OPEC announced a second consecutive monthly
00:07production increase, according to CNBC. The group agreed to boost oil production by 411,000 barrels
00:13daily in June, matching a similar surprise increase in May. The combined two-month hike
00:17is nearly triple, Goldman Sachs forecast. Oil prices saw their steepest monthly drop since
00:222021 in April, as Trump's tariff sparked recession fears amid rising OPEC supply.
00:27Chevron and Exxon reported lower first quarterly earnings over year over year, driven by declining
00:32oil prices. Goldman Sachs expected U.S. crude to average $59 and Brent $63 per barrel and
00:38$25.