Oil fell by more than $1 a barrel on Monday to settle at over four-year lows as an OPEC+ decision to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain.

Wall Street is pointing toward losses in premarket trading and oil prices fell to a four-year low after OPEC+ said it plans to boost output

Prices plunged after OPEC and its allies agreed to increase output again, despite weak prices and an uncertain demand outlook.