The drop was a rude awakening for oil bulls who'd been enjoying the commodities' highest prices in 2½ years.
CNBC's Brian Sullivan reports on the new OPEC deal.
Stephen Schork of the Schork Report says OPEC is signaling that it is comfortable with oil prices around the mid- to high-$70 per barrel range. He also thinks the oil-producing group is positioning itself to gain market share as European economies decarbonize.
Coordinated increases in oil supply from OPEC+ will begin in August, the group announced Sunday.
An attempt earlier this month by the group to agree on a new output policy failed because of differences between Saudi Arabia and the United Arab Emirates.
The temporary but unprecedented gridlock saw the UAE reject a coordinated oil production plan for the group spearheaded by its kingpin, Saudi Arabia.
The International Energy Agency on Tuesday warned oil markets are likely to remain volatile following a breakdown in talks between OPEC and non-OPEC allies.
OPEC is the strongest it has been in years, and they would not want to "upset the applecart," said Stephen Schork of The Schork Group.
If the United Arab Emirates is allowed to raise its oil production quota, other OPEC members will want to follow suit. Neil Beveridge of Bernstein says that could lead to "an unraveling of the OPEC agreement" and dampen oil prices.
"I think it's highly likely [that] it's going to resolve itself," said Stephen Schork, a principal advisor at energy analysis company The Schork Group.
CNBC.com's Pippa Stevens explains how the stalemate between OPEC members over output could make oil prices more volatile.
CNBC.com's Pippa Stevens explains what brought OPEC talks to a standstill and what it means for your wallet.
John Kilduff, Again Capital founding partner, joins 'Squawk on the Street' to discuss the postponement of the OPEC+ talks could mean for the oil market and his outlook for the sector.
CNBC's Jim Cramer and David Faber discuss Tuesday's top business stories such as China's expansion of its cybersecurity investigations into publicly traded companies and the OPEC+ impasse.
OPEC has been plunged into crisis, with bitter infighting between Saudi Arabia and the UAE raising questions about the future of the energy alliance.
Former U.S. Energy Secretary Dan Brouillette says although oil prices could hit $100 a barrel or higher, it is also equally possible to see prices collapse if there's no agreement on production.
Talks between OPEC and its oil-producing allies OPEC+ were postponed indefinitely, with the group failing to reach an agreement on production policy. Daniel Yergin of IHS Markit says there has been pressure from the U.S. and India regarding oil prices, and there's going to be a lot of "horse-trading" to get a deal done.
Daniel Hynes of ANZ says despite oil prices reaching a three-year high, it has been on a steady rise instead of "volatile moves" seen in the past.
A meeting between oil producer group OPEC and its partners has been called off.
Alejandro Barbajosa of Argus Media says it is unlikely that an oil price war will occur, and he believes the United Arab Emirates will remain a "core member" of OPEC.