Oil Prices Decline as OPEC+ Announces Significant Production Increase for September

Doha: Oil prices slipped in early Asian trade on Monday after OPEC+ agreed to another large production hike in September: Brent crude futures fell 40 cents, or 0.57%, to $69.27 a barrel while US West Texas Intermediate crude was at $66.96 a barrel, down 37 cents, or 0.55%, after both contracts closed about $2 a barrel lower on Friday. According to Qatar News Agency, 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.