Dhaka, July 7 -- Oil prices slipped more than 1.0 per cent on Monday after OPEC+ surprised markets by hiking output more than expected in August, raising concerns about oversupply.

Brent crude futures fell 80 cents, or 1.2 per cent, to $67.50 a barrel by 0010 GMT, while US West Texas Intermediate crude was at $65.68, down $1.32, or 2.0 per cent.

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, according to a Reuters report.

"The increased production clearly represents a more aggressive competition for market share and some tolerance for the resulting decline in price and revenue," said Tim Evans of Evans Energy in...