A group of countries that are part of the oil cartel OPEC+ have agreed to boost oil production, which some believe could lower oil and gasoline prices.

OPEC+ members have agreed to a second consecutive production increase this year, effectively ending voluntary cuts on production.

U.S. light crude oil prices fell more than $1 a barrel in early trade in New York on a possible increase in production by OPEC and its allies. Brent crude futures were down 88 cents, or 1.23%, at $70.