The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and may be trying to appease President Trump, who has pushed for lower prices.

Oil buckled after OPEC+ agreed to another bumper output increase, bolstering global supplies at a time when demand is challenged by the drag from the trade war and fanning concerns about a glut.

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, spurring concerns of more supply.