Oil futures were lower after OPEC+ said it would raise output in September and as the market awaited clarity on U.S. threats of sanctions against Russia.

Oil prices fell to their lowest in a week on Monday after OPEC+ agreed to another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation.

Oil prices slump as OPEC+’s output hike raises oversupply worries amid demand uncertainty. Brent crude is down 1.7% at $68.46 a barrel, while WTI is down 2% at $66.01 a barrel. Oil prices have fallen after OPEC+ agreed over the weekend to raise September production by 547,