U.S. oil prices fell to around $56 a barrel after the OPEC Plus cartel said it would bring more oil to market.

Oil prices dropped Monday, as the Organization of the Petroleum Exporting Countries and its allies agreed to boost output again in June, raising concerns about a potential oversupply at a time when markets are grappling with the uncertainties of a global trade war.

Prices plunged after OPEC and its allies agreed to increase output again, despite weak prices and an uncertain demand outlook.