Oil fell by more than $1 a barrel on Monday to settle at over four-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.

Prices plunged after OPEC and its allies agreed to increase output again, despite weak prices and an uncertain demand outlook.

Oil prices rallied on Tuesday, recovering most of the losses that came from the OPEC+ decisions to unwind its production cuts faster than planned.