The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and may be trying to appease President Trump, who has pushed for lower prices.

Prices plunged after OPEC and its allies agreed to increase output again, despite weak prices and an uncertain demand outlook.

Oil prices fell more than $1 a barrel on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook.