Oil on Monday ignored the impact of a larger-than-expected increase in OPEC+ production in August, as well as concerns about the potential impact of US tariffs. The oil price reversed the initial losses thanks to a tight physical market that provided support.

Brent futures fell to $67.22 per barrel, but by 11:45 GMT, they were up 36 cents, or 0.5%, to $68.66 per barrel. U.S. West Texas Intermediate crude was $66.99, down 1 cent, and up from a previous low of $65.40

The OPEC+ decision will bring nearly 80% of the 2.2 million barrels per day of voluntary cuts from eight OPEC producers back to the market, RBC Capital analysts, led by Helima Croft, said in a note.

The Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed on Saturday to increase production by 548,000 barrels per day in August, more than the increases of 411,000 bpd they had made in the previous three months.