Baghdad: Oil prices fell by more than $2 a barrel in early Asian trading on Monday, as the OPEC+ alliance moved to accelerate the pace of production increases.

According to National Iraqi News Agency, Brent crude futures experienced a decrease of $2.15 a barrel, or 3.51%, settling at $59.14 a barrel. Concurrently, US West Texas Intermediate crude saw a decline of $2.26, or 3.88%, reaching $56.03 a barrel.

The decision by OPEC+ to ramp up production has been a significant factor in the declining oil prices. This development comes as the alliance aims to address market demands and stabilize global oil supplies. The current market conditions and the strategic decisions by oil-producing nations are influencing trading dynamics and impacting global oil prices.