The oil market has entered choppy waters once again. Crude prices fell by a dramatic 18% in April y/y — the sharpest monthly drop since November 2021 — sending Brent tumbling from over $74 a barrel at the start of the month to just under $60 by early May.

U.S. oil prices fell to $57 a barrel after the OPEC Plus cartel said this weekend that it would pump more oil.

On Monday, global crude prices sank after OPEC+ agreed over the weekend to surge production for a second month, adding to existing concerns about how tariffs may impact worldwide demand. Brent fell to $60 per barrel, while U.S. crude ( West Texas Intermediate) slid by 2% to settle around $57 per barrel.