Market Reacts to OPEC+ Production Hike

Crude oil futures experienced a significant drop, falling by 4% on Monday. This decline comes in response to the OPEC+ alliance's agreement to increase production by 411,000 barrels per day in June, marking the second consecutive month of output hikes.

Price Movements Highlighted

West Texas Intermediate (WTI) for June deliveries saw a decrease of 4.24%, trading at $56 per barrel by 6:35 pm ET. Similarly, Brent crude for July settlements fell by 3.84%, with prices at $59.08 per barrel shortly thereafter.