05:31 AM EDT, 05/05/2025 (MT Newswires) -- Crude oil prices dropped on Monday as the Organization of the Petroleum Exporting Countries and allied producers agreed to accelerate oil output hikes for a second consecutive month in June.

Brent crude fell 2% to US$60.08/barrel and West Texas Intermediate crude lost 2.1% to US$57.07/b at last look. The decision would boost supply coming into the market, which is currently facing uncertainty in the demand outlook, Reuters said in a Monday report.

The production increase in June of 411,000 barrels per day from OPEC+ will take the total combined hikes for April, May and June to 960,000 b/d, equivalent to a 44% unwinding of the 2.2 million b/d of output cuts in the group's agreement since 2022, Reuters reported.

OPEC+ could fully unwind its output cuts by the end of October if members do not improve compliance with their production quotas, Reuters said, citing unnamed OPEC+ sources.

Barclays and ING reduced their Brent price forecasts following the OPEC+ decision, according to the report.