Singapore, July 06 (QNA) - Oil prices edged lower on Monday after OPEC+ agreed to raise its August production target, while a rebound in exports from major producers through the Strait of Hormuz reinforced expectations of increased global supply.
Brent crude futures fell 24 cents, or 0.33%, to $71.88 a barrel after settling 0.45% higher on Friday.
US West Texas Intermediate (WTI) crude futures slipped 11 cents, or 0.16%, to $68.58 a barrel.
The move follows a decision by seven OPEC+ members to increase their combined oil output by 188,000 barrels per day from August, citing efforts to maintain stability in the global oil market and adapt to evolving market conditions. (QNA)