Oil prices spiked by nearly 90% in May
Oil edged lower in overnight trading Monday after five straight weeks of gains, including a 5% rise on Friday, pausing after a record 88% increase from its low point in May.
What happened: Last month's surge brought oil back from negative pricing thanks in large part to increasing expectations for consumer demand to return and a deal to cut production by the Organization of the Petroleum Exporting Countries and major producers like Russia.
- OPEC is now considering extending production cuts by one to three months.
Where it stands: U.S. West Texas Intermediate crude prices have remained above $35 a barrel, while global benchmark Brent crude prices are around $38 a barrel.