Oil prices drop $2 with most Asian markets closed for holidays

News Snapshot:

HONG KONG (AP) — Oil prices fell more than $2 a barrel early Monday after the OPEC+ group of oil producing nations said it plans to increase output. U.S. futures fell U.S. benchmark crude oil sank $2.21 or 3.8% to $56.08 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, lost $2.14 to $59.15 per barrel. On Sunday, the OPEC+ group of eight nations announced it will raised its output by 411,000 barrels per day. The group said strong fundamentals were behind the decision. Falling crude oil prices have weighed on the sector,...