OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.

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.