Oil prices fell Sunday after 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.

Crude oil outlook turns bearish as geopolitical risks ease, OPEC plans a supply hike, and demand signals remain weak ahead of next week’s trade.

The eight OPEC+ nations on Saturday agreed to increase their crude oil production by 548,000 barrels per day starting in August.