Although traders remain wary of new sanctions against Russia, oil prices fell to their lowest level in a week on Monday after OPEC+ accepted another major increase in production in September.

Brent futures fell by $1.17, or 1.7%, to $68.50 per barrel at 11:27 GMT. American West Texas Intermediate crude fell $1.26, or 1.9%, to $66.07. Both contracts lost around $2 on Friday.

The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Sunday to increase oil production by 547,000 barrels per day (bpd) for September. Tamas Varga, an analyst at PVM, said that oil prices are under pressure due to the OPEC+ decision. It says that potential discussions to cancel an additional 1.65 million barrels per day of cuts have added to downward pressure on prices