Doha: Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over US tariffs and their potential impact on global economic growth weighed on demand expectations. Brent crude futures fell 47 cents, or 0.69%, to $67.83 a barrel. US West Texas Intermediate crude was at $66.05, down $0.95, or 1.42%.
According to Qatar News Agency, 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. 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.
Oil also came under pressure due to uncertainty over US tariffs and their potential impact on global economic growth.