By Ryan Dezember

Oil prices shed 2% Monday to end at a fresh four-year low after OPEC and its market allies this weekend confirmed plans to boost output again in June despite slumping fuel prices.

-- Benchmark U.S. futures settled at $57.13 a barrel, the lowest since early February 2021, when prices were still climbing back from their spectacular crash during the Covid lockdown.

-- The Organization of the Petroleum Exporting Countries meanwhile agreed to a larger output hike for a second consecutive month, a move to unwind production curbs much faster than had been expected.

-- Prices are now deeper into the danger zone for U.S. producers, who have been stung by Trump's tariff policies, particularly on steel, as well as his urging of overseas rivals to pump more crude into the market.

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May 05, 2025 16:47 ET (20:47 GMT)

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