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International Business Times
International Business Times
Business

'Bombshell' OPEC+ Output Hike Hits Oil Price

OPEC Oil United States
Eight OPEC+ member countries on Saturday announced a sharp increase in oil production (Credit: AFP)

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water in thin trade with major markets closed.

The output increase of 411,000 barrels a day announced by Saudi Arabia, Russia and six other members of the oil cartel on Saturday added to concerns about over-supply.

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