OPEC+ has agreed to surge production by 411,000 barrels per day in June. Oil prices in April posted the biggest monthly loss since 2021 President Donald Trump's tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.

Oil buckled after OPEC+ agreed to another bumper output increase, bolstering global supplies at a time when demand is challenged by the drag from the trade war and fanning concerns about a glut.

The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and may be trying to appease President Trump, who has pushed for lower prices.