US crude oil falls to six-month low as market sells off on recession fears

“If the trend continues, I can’t imagine OPEC going ahead with increasing production in this market. The question is whether they will do the opposite given the conditions we’re seeing,” Croft said, suggesting oil producers could cut output again.

Bob Yawger, managing director of energy futures at Mizuho Securities, said OPEC+ appears interested in moving forward with the production increase based on last week’s statement, but they may not be able to afford to do so at this point. Bringing oil to market at current prices would “crash” the market, Yawger said.

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