India, May 5 -- Oil prices tumbled over 2 percent on Monday as OPEC+ announced increased production, raising concerns about a potential supply glut.
Benchmark Brent crude futures fell 2.1 percent to $60.02 in early European trade while WTI crude futures were down 2.3 percent at $56.98.
Eight OPEC+ member countries had announced on Saturday a sharp increase in oil production for the month of June, adding to fears of oversupply.
According to an OPEC+ statement, Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000 barrels a day out of the ground, as in May. The initial plans had called for an increase of just 137,000 barrels.
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