India, May 5 -- Crude oil futures moved sharply lower during trading on Monday, extending the significant pullback seen over the course of last Friday's session.
Crude for June delivery tumbled $1.16 or 2 percent to $57.13 a barrel, ending the day at the lowest closing level for a front-month contract since February 2021.
The steep drop by the price of crude oil came after several members of OPEC+ agreed to increase oil production for a second month.
Eight members of the group agreed over the weekend to increase crude oil production by 411,000 barrels per day beginning in June, citing current healthy market fundamentals.
The decision by Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman came a month after OPEC+ agree...