Oil prices fell on Monday after OPEC+ announced a larger-than-expected hike in crude production starting next month, signalling ample supply amid subdued global demand.Around 7:30 am, the August contract of Brent on the Intercontinental Exchange was trading at $67.

U.S. stock-market futures declined as the Trump administration said a broad swath of tariffs against U.S. trade partners won’t take effect until Aug. 1, rather than July 9.

Goldman Sachs said it expects a group of eight OPEC+ members to lift oil production quotas by 550,000 barrels per day in September, which would complete the unwinding of 2.2 million bpd of voluntary cuts,