The Latest Breaking News from OPEC

Oil prices slumped on Monday after OPEC+ countries announced a sharp production increase despite oversupply concerns and growing fears that US President Donald Trump's trade war could weaken demand.

Crude oil prices fell to a multi-year low on Monday as OPEC+ confirmed plans to continue unwinding production cuts, accelerating output increases in June. The move is expected to exacerbate a market surplus amid weakening demand driven by escalating US-China trade tensions.

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water in thin trade with major markets closed.

A continued fall in the oil price and an underwhelming result from Westpac have weighed on the Australian bourse, ending a seven-day green streak.

Futures for the Dow Jones industrial average dropped 193 points, or 0.47%. Futures for the S&P 500 fell 0.52%, and Nasdaq futures eased 0.53%.

June WTI crude oil (CLM25 ) Friday closed down -0.95 (-1.60%), and June RBOB gasoline (RBM25 ) closed down -0.0293 (-1.43%). Crude oil and gasoline prices fell moderately on Friday after OPEC+ brought forward its meeting to discuss an increase in crude production, bolstering concerns about a global supply glut....

Exxon Mobil and Chevron are pushing back on “shortsighted” investors and maintaining their growth plans even as they feud with each other.

June WTI crude oil (CLM25 ) today is down -0.90 (-1.52%), and June RBOB gasoline (RBM25 ) is down -0.0314 (-1.53%). Crude oil and gasoline prices today are moderately lower after OPEC+ brought forward its meeting to discuss an increase in crude production, bolstering concerns about a global supply glut....

June WTI crude oil (CLM25 ) Thursday closed up +1.03 (+1.77%), and June RBOB gasoline (RBM25 ) closed up +0.0315 (+1.56%). Crude oil and gasoline prices recovered from early losses on Thursday and posted moderate gains. Short covering emerged in crude oil Thursday after US stocks rallied sharply, which boosted...

June WTI crude oil (CLM25 ) today is up +0.41 (+0.70%), and June RBOB gasoline (RBM25 ) is up +0.0196 (+0.97%). Crude oil and gasoline prices today recovered from early losses and are moderately higher. Short covering emerged in crude oil today after US stocks rallied sharply, which boosted risk-on...

June WTI crude oil (CLM25 ) Wednesday closed down -2.21 (-3.66%), and June RBOB gasoline (RBM25 ) closed down -0.0393 (-1.91%). Crude oil and gasoline prices on Wednesday extended this week’s sharp losses, with crude sinking to a 3-week low and gasoline tumbling to a 2-week low. Concerns about global...