India, Aug. 4 -- Oil prices fell more than 1 percent on Monday after OPEC+ confirmed plans to raise production by 547,000 barrels per day (bpd) in September, as widely expected.
Benchmark Brent crude futures fell 1.3 percent to $68.75 a barrel in European trade, while WTI crude futures were down 1.3 percent at $66.46.
"The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability," the oil cartel, which pumps about half of the world's oil, said after announcing an increase in production for September.
The move was the latest in a series of accelerated output hikes to regain market share ami...