Crude oil futures closed lower on Monday amid concerns of oversupply as the OPEC+ alliance agreed to hike output by 547,000 barrels per day (bpd) for September on top of the planned 548,000 bpd hike for August and the earlier July's target of 411,000 bpd. Besides, implications of US President Trump’s tariffs on global economy continued to weigh on investors’ sentiments.
Benchmark crude oil futures for September decreased $1.04 or about 1.54% at $66.29 a barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $0.91 or 1.31% to settle at $68.76 a barrel on London's Intercontinental Exchange.