Oil prices fell by more than $1 a barrel on Monday to settle at multi-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

Oil prices sank Sunday while U.S. stock futures declined after the S&P 500 notched its longest winning streak in more than 20 years last week.