Baghdad: Oil prices extended their losses in early Asian trading on Monday, following the OPEC+ alliance’s decision to raise production starting in September, amid growing concerns over an economic slowdown in the United States. Brent crude futures fell by 40 cents, or 0.57%, to $69.27 per barrel. U.S. West Texas Intermediate (WTI) crude also dropped by 37 cents, or 0.55%, to $66.96 per barrel. Both benchmarks had closed nearly $2 lower per barrel on Friday.

According to National Iraqi News Agency, on Sunday, the OPEC+ alliance announced an agreement to increase oil production by 547,000 barrels per day in September. This decision is the latest in a series of accelerated output hikes aimed at meeting rising global energy demand.