Data: fact set; Diagram: Axios Visuals

Oil prices whipped up Monday as news of what the OPEC oil price cartel would decide at its meeting next month, sending traders to flight.

Driving the news: A story in The Wall Street Journalsuggesting that OPEC is considering increasing production by 500,000 barrels per day rocked crude markets around 9:00 am ET.

In response, US benchmark crude prices fell more than 5% to around $75 a barrel.

Context: The news came as a surprise to the oil industry…