Brent crude fell toward $75 a barrel on Monday after OPEC+ confirmed another production increase for November at its weekend video conference. The move extended a decline that began last week following the G7's strategic reserve release and pressured energy shares across European and Asian markets.

The eight core producers led by Saudi Arabia and Russia agreed to continue unwinding earlier output cuts. Saudi energy minister Prince Abdulaziz bin Salman framed the decision as a defence of market share.

Analysts at Goldman Sachs and ING had forecast a hike of at least 137,000 barrels per day, roughly in line with recent monthly increases. The decision came against softening demand signals and the G7 reserve release that pushed Brent below $78 last week.

West Texas Intermediate traded near $71 on Monday, with both benchmarks down sharply from September war-risk peaks above $80. Energy majors including Shell and BP opened lower in London, while Brent's decline offered relief to oil-importing economies and central banks watching inflation.

A spokesperson for the International Energy Agency forecast a supply surplus building into 2027. "The group is prioritising volume over price," said Giovanni Staunovo, commodity analyst at UBS. "With non-OPEC supply still growing, the risk is skewed toward a softer market through the winter."