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Investing.com - Oil prices declined on Monday, but pared back some earlier losses, after the OPEC+ oil group signaled over the weekend that it will further increase production in the coming months.
The prospect of higher supplies and weakening demand weighed on crude, which has already been nursing steep losses so far in 2025. The declines put oil back in sight of a four-year low hit in early-April.
Brent oil futures for June fell 1.1% to $60.60 a barrel, while West Texas Intermediate crude futures dipped by 1.2% to $57.14 a barrel by 07:43 EST (11:43 GMT).
OPEC+ announces bigger-than-expected June output hike
The Organization of the Petroleum Exporting Countries and its allies -- a group known as OPEC+ that makes up a bulk of global oil production -- agreed to raise output by 411,000 barrels per day from June during a meeting over the weekend.
The increase is nearly three times the volume that was initially signaled by the OPEC+, and will see key member states Saudi Arabia and Russia increase production. Oil supplies could subsequently rise as a result of the move, possibly denting crude prices and offsetting upward pressure from potential supply disruptions in the Middle East.
Oil prices nurse steep losses on tariffs, US-China jitters
Crude had gotten off to a relatively weak start to 2025, as heightened global economic uncertainty darkened the outlook for prices. A key driver of this trend has been U.S. President Donald Trump’s trade agenda, which has seen him lift -- and then partially delay -- U.S. import tariffs on a host of countries.
Despite the 90-day postponement of much of his elevated tariffs, Trump has left at least 145% levies on major oil importer China in effect, drawing retaliatory tariffs of 125% from Beijing and exacerbating concerns over a bitter trade war between the world’s two biggest economies.
Traders appeared to take little relief from the U.S. and China suggesting some openness to talks in recent days. On Sunday, Trump said he had no plans to speak with Chinese President Xi Jinping this week, although he noted that U.S. officials had been in contact with Beijing.
(Ambar Warrick contributed reporting.)