In recent developments, oil prices have seen a significant drop, largely driven by OPEC+ decisions to accelerate output hikes. With most Asian markets closed for holidays, traders reacted to the announcement of increased production, leading to a selloff. This comes as concerns over a potential recession due to ongoing trade wars weigh heavily on demand forecasts. Analysts predict this could lead to the largest monthly decline in oil prices since 2021. In conjunction with these developments, U.S. stock futures have also dipped, reflecting broader economic uncertainties as the Federal Reserve prepares for a key meeting. Furthermore, some experts note that increasing supplies, particularly from shale producers, are compounding pressures in an already fragile market.