The increase, which the group said was a response to “a steady global economic outlook,” was higher than some analysts expected and could lead to lower oil prices.

Eight OPEC+ producers agreed to lift crude output by 548,000 barrels per day in August, exceeding the anticipated 411,000 barrels per day rate.

Monday closed down -0.41 (-0.63%), and August RBOB gasoline (RBQ25 ) closed up +0.27 (+0.13%). Crude oil and gasoline prices on Monday settled mixed. Crude was under pressure Monday due to expectations that OPEC+ will increase its crude production level by another 411,