Oil down 2 per cent as OPEC+ accelerates output hikes, surplus looms

Oil prices fell more than 2 per cent on Monday after OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook.

Brent crude futures dropped $1.27, or 2.07 per cent, to $60.02 a barrel by 0802 GMT, while US West Texas Intermediate crude was at $56.96 a barrel, down $1.33, or 2.28 per