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Oil prices tumbled over 2 percent on Monday as OPEC+ announced increased production, raising concerns about a potential supply glut.
Benchmark Brent crude futures fell 2.1 percent to $60.02 in early European trade while WTI crude futures were down 2.3 percent at $56.98.
Eight OPEC+ member countries had announced on Saturday a sharp increase in oil production for the month of June, adding to fears of oversupply.
According to an OPEC+ statement, Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000 barrels a day out of the ground, as in May. The initial plans had called for an increase of just 137,000 barrels.
OPEC+ plans to further accelerate oil output hikes and could unwind its 2.2 million barrels per day of voluntary cuts by the end of October if members do not improve compliance with their production quotas, Reuters said, citing sources.
Goldman Sachs has lowered its Brent crude forecast to average $60 per barrel and WTI forecast to $56 in the remainder of 2025, down from earlier projections of $63 and $59, respectively.
