US Stock Market Move | The short-term decline in oil prices for West Texas Intermediate (WTI) and Brent crude has widened to $1. Houston American Energy Corp. (HUSA.US) fell more than 6.4%.

On Friday, the oil sector declined, as of press time, Houston American Energy Corp. (HUSA.US) dropped more than 6.4%, Exxon Mobil Corporation (XOM.US) fell over 1%, TotalEnergies (TTE.US) dropped 0.15%, Occidental Petroleum Corporation (OXY.US) fell over 1%, and ConocoPhillips (COP.US) fell 0.72%. The short-term decline of both American and Brent crude oils widened to $1, now trading at $64.36 per barrel and $66.09 per barrel, respectively. According to reports from foreign media, OPEC+ will consider extending its massive production increase plan at the next meeting next month, with the organization leader Saudi Arabia leading efforts to regain market share. The eight major OPEC+ member countries have increased production by 411,000 barrels per day each month over the past three months. Several representatives have indicated that these countries are prepared to consider further production increases in August during the meeting on July 6. Despite weak demand and ample supply, Saudi Arabia is guiding OPEC+ to accelerate the production recovery in its plan, leading to an unexpected reversal that caused oil prices to briefly drop to a four-year low in April.