WTI crude oil futures fell over 1% toward $65 per barrel on Monday, extending last week’s losses after OPEC+ accelerated production hikes. The group agreed to raise output by 548,000 bpd in August, up from previous monthly increases of 411,000 bpd. The move will return nearly 80% of the 2.2 million bpd in voluntary cuts from eight OPEC producers to the market. However, actual output gains have so far lagged behind plans, with most of the additional supply coming from Saudi Arabia. Another increase of 411,000 bpd had been widely expected for August. Meanwhile, Saudi Arabia raised the August price of its flagship Arab light crude for Asia to a four-month high. Adding to the bearish sentiment, investors continued to assess the potential impact of US tariffs on global fuel demand. President Trump said the US is close to finalizing several trade deals and will notify other nations of higher tariff rates by July 9, with the new rates set to take effect on August 1.