US stocks fluctuate | Occidental Petroleum (OXY.US) falls 4% as Morgan Stanley predicts the situation of oil supply surplus will worsen.

Financial news app Zhtng Cijng has learned that on Monday, Occidental Petroleum (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 on the OPEC 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 equivalent to the one announced last month. At that time, the organization unexpectedly decided to triple the planned increase in production for May. Morgan Stanley predicts that the oversupply of crude oil will worsen, with a surplus of 1.1 million barrels per day in the second half of this year. This means that there is a risk of oversupply in the crude oil market by 2025.