Oil prices drop after OPEC+ agrees to ramp up production

• The Trump administration has pushed for lower prices, but Geman notes this is impeding "drill, baby, drill" oil production goals.

By the numbers: U.S. crude oil futures dropped 4.27% on Sunday, from $2.49 to $55.80 a barrel, just after trading opened in Asia on Monday.

The big picture: OPEC+ announced Saturday it was increasing output in June by 411,000 barrels per day. That's despite tepid global demand.

Between the lines: "The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels," said Baker Hughes CEO Lorenzo Simonelli late last month as concerns that tariffs could cause a recession increased.

What we're watching: Trump wants OPEC+ co-leader Saudi Arabia and the other oil-producing member countries of the group to more broadly lower prices.

• The president is due to meet with Saudi Arabia's Crown Prince Mohammed bin Salman during a visit to the Middle Eastern country later this month.

Go deeper: Trump may have swayed OPEC move, analysts say