Oil prices have extended their losses, nearing four-month lows, following OPEC+'s decision to phase out some production cuts. This move has unnerved traders, especially in light of weak U.S. economic data and an increase in U.S. oil stockpiles. The market's reaction to the OPEC+ supply plan and shaky demand has contributed to the slump in prices. Additionally, expectations of a possible U.S. rate cut in September have provided some stabilization to the market.