Oil prices moved little on Monday and did not continue the losses of the past few trading days for the time being.

A barrel (159 liters) of North Sea Brent crude for delivery in October cost $69.65, down two cents from Friday. The price of a barrel of US WTI crude for delivery in September rose slightly by six cents to $67.39.

On Sunday, the oil-producing countries in OPEC+, including Saudi Arabia and Russia, agreed to increase daily production by 547,000 barrels starting in September. Speculation about higher production had already weighed on oil prices in recent trading days. Following the decision, oil prices only came under temporary pressure overnight into Monday.

The increase in production comes at the end of a policy shift by members of the Organization of the Petroleum Exporting Countries (OPEC) and their partners, which reversed a production cap. The increased production volume is hitting a market that, according to experts, is already heading toward a surplus. Among other things, there are fears that the consequences of the US government's aggressive tariff policy could slow global economic growth and, consequently, demand for crude oil.