Crude oil prices capped their worst monthly drop since November 2021 as fears over a global economic downturn and demand shock as a result of tariffs come as the supply of oil is about to surge.

West Texas Intermediate (CL=F) futures fell more than on Wednesday to settle at $58.21 a barrel, while Brent crude (BZ=F), the international benchmark, also dropped to close at $63.12.

Oil prices sank to session lows after a Reuters report indicated OPEC leader Saudi Arabia, is willing to live with lower prices for a prolonged period, hinting a faster unwind of production cuts in order to expand market share.

WTI crude oil prices have lost roughly 16% this month, while Brent crude has dropped closer to 17%.