SINGAPORE (Reuters) -Oil prices slipped 1% at the start of trading on Monday after OPEC+ accelerated output hikes and raised concerns about oversupply.
Brent crude futures fell 67 cents, or 1%, to $67.63 a barrel by 2308 GMT, while U.S. West Texas Intermediate crude was at $65.80, down $1.20, or 1.8%.
The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped – and then retreated – following Israeli and U.S. attacks on Iran.
The August increase represents a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April.
OPEC+ cited a steady global economic outlook and healthy market fundamentals, including low oil inventories, as reasons for releasing more oil.
(Reporting by Florence Tan; Editing by Lisa Shumaker)
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