WASHINGTON (dpa-AFX) - 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+ agreed to increase production by the same amount beginning in May.
Renewed trade concerns may also have weighed on crude oil prices after President Donald Trump announced plans to impose a 100 percent tariff on movies produced in foreign countries.
'The Movie Industry in America is DYING a very fast death,' Trump said in a post on Truth Social. 'Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated.'
'This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!' he added. 'WE WANT MOVIES MADE IN AMERICA, AGAIN!'
Trump also told reporters on Sunday that he has no plans to talk to his Chinese counterpart Xi Jinping this week, offsetting recent optimism about a potential U.S.-China trade deal.
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