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.

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

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