Crude futures slipped on Monday, as the Organisation of Petroleum Exporting Countries said it will further increase output by half a million barrels daily from next month to help meet an anticipated demand surge. Light, sweet crude for the May contract on the New York Mercantile Exchange fell 17 cents to ,15 a barrel.

Crude futures held above a barrel on Monday even after members of the Organisation of Petroleum Exporting Countries (Opec) assured traders that the cartel will not likely cut production, and that some members might pump above their output quotas, to cool down overheated markets.