Oil prices slumped on Monday after OPEC+ countries announced a sharp production increase despite oversupply concerns and growing fears that US President Donald Trump's trade war could weaken demand. "Yet global growth expectations have been crumbling due to a heated trade war between the US and the rest of the world, and rising output only worsens oversupply concerns.

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water in thin trade with major markets closed. The output increase of 411,000 barrels a day announced by Saudi Arabia, Russia and six other members of the oil cartel on Saturday added to concerns about over-supply.

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water in thin trade with major markets closed. The output increase of 411,000 barrels a day announced by Saudi Arabia, Russia and six other members of the oil cartel on Saturday added to concerns about over-supply.

LONDON :Oil prices fell more than 1 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 by 70 cents, or 1.14 per cent, to $60.59 a barrel by 113

West Texas Intermediate (WTI) Crude Oil prices are stabilizing on Monday, clawing back near-term losses after the Organization of the Petroleum Exporting Countries (OPEC) announced it would begin stepping up its internal production quotas beginning in June.