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.

Crude oil futures settled at the lowest levels in more than four years after the decision by OPEC+ to accelerate its production increases sparked concerns about rising global supply.

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