OPEC+ Output Hike Weighs on Oil Prices Amid Slowing Demand Growth

Oil prices continued to fall on Monday due to concerns about future consumption growth in major oil consumers China and the US. Brent crude futures dropped by $0.56, or 0.7%, to $76.37 a barrel, while WTI crude slipped by $0.45, or 0.6%, to $73.10 a barrel.

The losses follow a 0.3% decline for Brent last week and a 1.7% drop for WTI. OPEC+ is set to proceed with a planned oil output hike from October, with eight members scheduled to boost production by 180,000 barrels per day as part of a plan to unwind their most recent layer of output cuts.

Analysts are concerned that OPEC will go ahead and increase output from October, which could weigh on prices. However, some believe the outcome is price-dependent, with WTI prices closer to $80 than $70 potentially triggering the increase.