Oil futures settled sharply lower on Monday, with U.S. prices down almost 5%. The decline follows a decision by the Organization of the Petroleum Exporting Countries and their allies last week to incrementally increase production from May through July. There's also a "reduced demand outlook with COVID cases rising dramatically in India and several other countries," said Tariq Zahir, managing member at Tyche Capital Advisors. Meanwhile, upcoming talks, with the U.S. possibly easing sanctions on Iran and potentially getting back into the nuclear deal, may lead to higher global supplies of oil, said Zahir. West Texas Intermediate crude for May delivery CLK21, -4.39% fell $2.80, or 4.6%, to settle at $58.65 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since March 25, FactSet data show.