Oil falls greater than $2/bbl as OPEC+ set to speed up output hikes

SINGAPORE (Reuters) – Oil costs fell greater than $2 a barrel in early Asian commerce on Monday as OPEC+ is ready to additional velocity up oil output hikes, spurring considerations of extra provide.

Brent crude futures dropped $2.15 a barrel, or 3.51%, to $59.14 a barrel by 2208 GMT whereas U.S. West Texas Intermediate crude was at $56.03 a barrel, down $2.26, or 3.88%.

Each contracts touched their lowest since April 9 at Monday’s open after Reuters reported that OPEC+ will speed up oil output hikes and will carry again to the market as a lot as 2.2 million barrels per day by November because the group’s chief Saudi Arabia seeks to punish some fellow members for producing above quotas.

(Reporting by Florence Tan; modifying by Diane Craft)