Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations.

The Organization of the Petroleum Exporting Countries and its allies announced Saturday they will increase oil production by a larger-than-expected amount in August, as part of a continuing effort to reclaim market share by lowering prices.

Another tussle for oil market share at low prices beckons, after OPEC+ producers announced a higher than expected crude production hike that may cause a supply glut.