Saudi Arabia and the United Arab Emirates see a chance to ratchet up production in July, the third consecutive month of accelerated increases.

Global oil prices rallied hard on Monday, lifting U.S. crude to the highest levels in two weeks, as investors shrugged off a planned supply increase from the OPEC+ cartel and focused on geopolitical news that could pressure energy markets over the coming months.

"Michigan drivers are seeing lower prices at the pump, with some metro areas seeing averages below $3 a gallon," Adrienne Woodland, a AAA auto club spokeswoman said. "If demand drops, alongside low crude oil prices, pump prices may continue to fall."