Dhaka, May 5 -- Oil prices fell more than $2.0 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply.

Brent crude futures dropped $2.04 a barrel, or 3.33 per cent, to $59.25 a barrel by 2240 GMT while US West Texas Intermediate crude was at $56.19 a barrel, down $2.10, or 3.60 per cent.

Both contracts touched their lowest since April 9 at Monday's open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd).

The June increase from the eight will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44 per cent unwinding of the 2.2 million bpd of ...