Oil prices fell on Monday after OPEC+ agreed to another large production hike in September, adding to supply, but worries about disruptions in Russian oil shipments to major importer India limited losses.
Brent crude futures fell 18 cents, or 0.26%, to $69.49 a barrel by 0456 GMT while U.S. West Texas Intermediate crude was at $67.21 a barrel, down 12 cents, or 0.18%, after both contracts closed about $2 a barrel lower on Friday.
The Organisation of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share. It cited a healthy economy and low stockpiles as reasons behind its decision.
The move, in line with market expectations, marks a full and early reversal of OPEC+’s largest tranche of output cuts, plus a separate increase in output for the United Arab Emirates, amounting to about 2.5 million bpd, or about 2.4% of world demand.
