Oil prices decline after OPEC agrees to raise output

Crude oil prices fell on Monday on expectations of output increase that was agreed at the OPEC meeting in Vienna last week.

Brent crude futures, the international benchmark for oil prices, were last trading down 1.8 percent at $74.23 per barrel (bbl).

US West Texas Intermediate (WTI) crude fell 0.3 percent to $68.39/bbl.

Oil prices had climbed on Friday after the OPEC announced the deal on Friday, as the increase in supply was viewed as moderate.

In December 2016, OPEC and its non-member allies including Russia agreed to cut output by 1.8 million barrels per day (bpd) to rebalance the global oil market and prop up prices.

Since the deal came into effect, starting January last year, oil prices have climbed steadily from nearly $50/bbl to the recent $75/bbl-level.