Oil prices are experiencing a significant drop as OPEC ramps up production, creating ripples in the market. With energy supply increasing, the crude oil market is shifting towards a surplus, leading to declining prices.

Meanwhile, U.S. stock futures are heading south in anticipation of tariffs set to take effect on August 1. The market is bracing for potential fallout as these tariffs kick in, impacting various sectors.

Key points include:

• OPEC decision to increase oil production causing price drops.
• U.S. stock futures declining due to impending tariffs.
• Market analysts suggest a turbulent road ahead for investors.

Here's the full scoop.