Oil prices fell by more than $1 a barrel on Monday to settle at multi-year lows, as an OPEC+ decision to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain.

Oil prices dropped Monday, as the Organization of the Petroleum Exporting Countries and its allies agreed to boost output again in June, raising concerns about a potential oversupply at a time when markets are grappling with the uncertainties of a global trade war.

Wall Street is pointing toward losses in premarket trading and oil prices fell to a four-year low after OPEC+ said it plans to boost output