If producers find additional oil reserves, what will happen to the price of oil?

Answer 1

If supply increases, price will decline. 

Answer 2

In economics,it is just a good news. The investors will jam into the market and do a short buying. It will jack up price and DAX and DOW. No one care that it will be real to shift the supply of oil. But it will shift the capital gains for months.

Answer 3

There is constant oil exploration and additional sources found.

In this, you have to consider theory or what actually happens.

In theory, a higher supply lowers the price per barrel. There is a supply/demand relationship, but it's also a controlled and manipulated market. 

When US use of petroleum dropped in the pandemic, the delivered price of petroleum went to a negative number for a day, because tankers had oil and storage was nearly full.

https://www.cnn.com/2020/04/20/business/oil-price-...

The prices were different everywhere in the world.

They have gone up since April.