Oil Prices Dip as OPEC+ Pushes Ahead With Output Hikes

Oil prices slipped in early Asian trading on Monday as OPEC+ confirmed another substantial production increase for September, continuing its rapid unwinding of voluntary output cuts despite tepid demand growth in Asia. Brent crude futures fell 0.46% to $69.35 a barrel, while U.S. West Texas Intermediate declined 0.45% to $67.03. Both benchmarks had already lost roughly $2 per barrel in the previous session. The decline followed OPEC+’s announcement that it would boost production by 547,000 barrels per day (bpd) in September. This follows…