Oil prices edged lower on Monday after OPEC+ agreed to increase its production targets starting in August, raising expectations of higher global crude supplies.
The decline also came as oil exports from major producers through the Strait of Hormuz recovered, easing concerns over supply disruptions.
Brent crude futures slipped 24 cents, or 0.33%, to $71.88 per barrel after posting a 0.45% gain on Friday.
Meanwhile, U.S. West Texas Intermediate (WTI) crude fell 11 cents, or 0.16%, to $68.58 per barrel, reflecting a cautious market response to the prospect of increased production and improved export flows.
