US Stock Market Move | Occidental Petroleum Corporation (OXY.US) falls 4%, Morgan Stanley predicts that the oversupply of crude oil will worsen.

On Monday, Occidental Petroleum Corporation (OXY.US) fell by 4% to $38.98. On the news front, OPEC+ has agreed to significantly increase production again in June. According to a statement released by OPEC's official website after a video conference last Saturday, key countries led by Saudi Arabia and Russia have agreed to increase production by 411,000 barrels per day next month. This increase is similar in magnitude to the announcement made last month when the organization surprisingly decided to triple the planned production increase for May. Morgan Stanley predicts that the situation of oversupply in the oil market will worsen and the oversupply of oil daily supply will reach 1.1 million barrels in the second half of this year. This means that the oil market will face the risk of oversupply by 2025.