Because of the increase in production, oil decreases more than a dollar upon settlement

Oil prices fell by more than one dollar per barrel upon settlement on Monday, after the “Alliance” at the beginning of the week decided to accelerate the pace of production.
1.06 dollars per barrel, or 1.7%, fell to $ 60.23 a barrel, and the price of US West Texas Intermediate crude decreased $ 1.16, or 2%, to $ 57.13 a barrel.