US crude futures fell more than 4% on Sunday after OPEC+ agreed to raise output.
West Texas Intermediate (WTI) crude fell $2.49 (4.27%) to $55.80 a barrel and Brent fell $2.39 (3.9%) to $58.90 a barrel. Those were record 20% declines since the start of the year.
The eight producers in OPEC+, led by Saudi Arabia, agreed to increase output by 411,000 barrels per day in June.
The decision came a month after OPEC+ surprised markets by agreeing to raise output in May by the same amount.
The June output increase was nearly triple the 140,000 barrels per day Goldman Sachs had originally forecast. OPEC+ brought more than 800,000 barrels per day of additional supply to the market in two months.
Oil prices in April posted their biggest monthly loss since 2021, as US President Donald Trump's tariffs have raised recession fears that will slow demand at the same time OPEC+ rapidly increases supply.
