Oil on Monday shrugged off the impact of OPEC+ hiking output more than expected for August as well as concern about the potential impact of U.S. tariffs, with prices mostly reversing early losses as a tight physical market lent support.

The price of oil was stable on Monday despite a larger-than-expected increase in production by the Organization of the Petroleum Exporting Countries and its allies. Seasonal demand and doubts about the actual increase in output explain the muted reaction.