Oil falls more than $2/bbl as OPEC+ set to accelerate output hikes

Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns of more supply.

Brent crude futures dropped $2.15 a barrel, or 3.51%, to $59.14 a barrel by 2208 GMT while U.S. West Texas Intermediate crude was at $56.03 a barrel, down $2.26, or 3.88%.

Both contracts touched their lowest since April 9 at Monday’s open after Reuters reported that OPEC+ will accelerate oil output hikes and could bring back to the market as much as 2.2 million barrels per day by November as the group’s leader, Saudi Arabia, seeks to punish some fellow members for producing above quotas.