Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, adding to fears of oversupply of crude.
In morning trade in Asia, West Texas Intermediate was down 3.8 per cent at $56.08 per barrel while Brent North Sea Crude slid 3.5 per cent at $59.17.
The price of OPEC basket of twelve crudes stood at $68,16 a barrel on Monday, compared with $68,74 the previous Friday, according to OPEC Secretariat calculations.
OPEC+ member countries announced on Saturday that they would increase oil production in June.
According to the statement obtained by Channels Television, Saudi Arabia, Russia, and six other members of the oil-producing countries will implement a production adjustment of 411,000 barrels a day in June, up from May’s 137,000 barrels.
