SINGAPORE: Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies.
Brent crude futures slid 24 cents, or 0.33%, to $71.88 a barrel by 0010 GMT after settling 0.45% higher on Friday. U.S. West Texas Intermediate crude was at $68.58 a barrel, down 11 cents, or 0.16%. There was no settlement for WTI on Friday as U.S. markets were closed ahead of the Independence Day holiday on Saturday.
