Oil Prices Sink After OPEC+ Agrees to Boost Production in June

While crude oil prices tumble, one market analyst says the situation may be ‘less bearish.’

The logo of OPEC sits outside its headquarters in Austria, on Dec. 6, 2019. Leonhard Foeger/Reuters

U.S. crude oil prices fell by more than 1 percent on May 5, after eight major energy producers agreed over the weekend to accelerate production.

West Texas Intermediate (WTI), a U.S. benchmark for oil prices, tumbled by 1.5 percent to below $58 per barrel on the New York Mercantile Exchange. U.S. oil prices are down by 20 percent in 2025.