Dhaka, Aug. 4 -- Oil prices extended declines on Monday after OPEC+ agreed to another large production hike in September, with concerns about a slowing economy in the US, the world's biggest oil user, adding to the pressure.

Brent crude futures fell 40 cents, or 0.57 per cent, to $69.27 a barrel by 0115 GMT while US West Texas Intermediate crude was at $66.96 a barrel, down 37 cents, or 0.55 per cent, after both contracts closed about $2.0 a barrel lower on Friday, according to Reuters.

The Organisation of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, citing a...