New Delhi, July 7 -- Crude oil prices traded lower on Monday after OPEC announced a higher than expected output hike in August, while uncertainty over US tariffs and their potential impact on global economic growth weighed on oil demand expectations.

MCX crude oil prices opened 1.93% lower at Rs.5,580 level as against its previous close of Rs.5,690 level. At 9:55 AM, crude oil prices traded 0.42% lower at Rs.5,666 per barrel.

International benchmark Brent crude oil futures fell 0.69% to $67.83 a barrel, while US West Texas Intermediate crude was at $66.05, down 1.42%.

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC, agreed on Saturday to raise production by 548,000 barrels per day in August...