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Futures Movers
Crude prices are expected to fall in the long term as Saudi Arabia and other big oil producers move to regain market share
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The largest group of oil-producing nations agreed over the weekend to sharply increase crude production for the third month in a row, a move intended to reassert control over the market by driving oil prices lower.
OPEC+ — the Organization of the Petroleum Exporting Countries and its allies — announced Saturday that it will increase production by 411,000 barrels a day in July, following similar hikes in May and June, in a move to punish countries that are over-producing oil, such as Iraq and Kazakhstan, and for oil-producing nations like Saudi Arabia to win back market share from U.S. shale drillers.
