Oil prices fall as Opec+ output hike raises glut concerns

Oil prices extended declines after Opec+ agreed to a bigger-than-expected production increase in August, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.

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Brent crude futures fell 0.35 per cent to US$68.06 a barrel at 2.42pm Singapore time, after earlier sliding 1.2 per cent.

US West Texas Intermediate crude dropped 1.03 per cent to US$66.31, paring an earlier 2 per cent fall.

Brent crude futures fell 1.2 per cent to US$67.50 a barrel by 0010 GMT, while US West Texas Intermediate crude tumbled 2 per cent to US$65.68.

The Organisation of Petroleum Exporting Countries and their allies, a group known as Opec+, decided on July 5 to increase supply by 548,000 barrels a day, putting the oil cartel on track to unwind its most recent output cuts a year earlier than planned.