Crude oil dropped Monday following OPEC+ decision to boost production

The OPEC+ decision to boost its output in September put a big dent in crude oil prices as they fell $1 a barrel on Monday.

The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day (bpd) for September reported Reuters.

Adding to the picture was the weak fuel demand at the start of the nation’s summer driving season. Both global and U.S. oil contracts fell to their lowest levels in a week after finishing down 3% on Friday.

Brent crude, the global standard, dropped 91 cents or 1.3% before settling at $68.76 a barrel.

In the U.S., West Texas Intermediate crude fell $1.04 or 1.5% andfinished at $66.29 a barrel on the New York Mercantile Exchange.

Oklahoma energy stocks finished Monday with about a 50-50 split among those with gains and those firms with losses. Stardust Power recorded the biggest percent jump of more than 7%. LSB Industries had a 3% gain.