Oil prices slipped more than 1% 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%, to $67.

The increase, which the group said was a response to “a steady global economic outlook,” was higher than some analysts expected and could lead to lower oil prices.

Oil prices dropped at the start of Mondays trading session as OPEC+ announced a larger-than-expected output hike, heightening concerns about a potential oversupply in the global market. Brent crude futures slipped