New Delhi, July 7 -- Oil prices fell on Monday after OPEC+ announced a larger-than-expected hike in crude production starting next month, signalling ample supply amid subdued global demand.

Around 7:30 am, the August contract of Brent on the Intercontinental Exchange was trading at $67.62 per barrel, lower 1.04% from its previous close. The August contract of West Texas Intermediate (WTI) on the NYMEX was at $68.53, lower by 0.67% from its previous close.

Eight OPEC+ members-Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman-met virtually on 5 July and agreed to raise production by 548,000 barrels per day (bpd) in August. This is higher than the phased hike of 411,000 bpd implemented from May through July.

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