Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand. Brent crude futures slid 8 cents, or 0.2%, to $43.44 a barrel while U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.3%, at $40.15 a barrel. Brent posted a fourth month of gains in July and U.S. crude posted a third as both rose from depths hit in April, when much of the world was in lockdown due to the coronavirus pandemic. Oil output by the Organization of the Petroleum Exporting Countries rose by over 1 million barrels per day in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance. OPEC+ is set to step up output in August, adding about 1.5 million bpd to global supply. The Australian state of Victoria declared a state of disaster and authorities in the Philippines said they would impose fresh restrictions in Manila this week, reflecting worries around the world about getting the pandemic under control.