Over the weekend, eight OPEC+ members agreed to raise the group's production by 547,000 b/d in September for a fifth-straight monthly increase in the oil cartel's output. That is on track to completely reverse OPEC's nearly two-year effort to unwind 2.2 million b/d production curbs following Covid demand destruction.

Crude futures extend losses with OPEC+ plans for higher output raising concerns of oversupply while India pushes back against U.S. tariff threats over its Russian oil purchases. “Oil spreads are trading like the market thinks India will ignore the U.