Doha: Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes. Brent crude futures dropped $2.15 a barrel, or 3.51%, to $59.14 a barrel, while US West Texas Intermediate crude was at $56.03 a barrel, down $2.26, or 3.88%. According to Qatar News Agency, the decision by OPEC+ to increase oil output has significantly impacted the market, leading to the decline in prices. This move comes as the organization aims to stabilize the global oil supply amidst fluctuating demands. The adjustments in oil prices reflect the market's response to these anticipated production hikes, which aim to balance supply and demand dynamics in the global oil industry.
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