Oil prices fell by more than 1 percent 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.

Oil prices dipped as OPEC+ agreed to boost output from August, with key producers seeing recovering exports via the Strait of Hormuz. Despite the planned increase, actual output…

Brent crude futures slipped 24 cents, or 0.e33%, to $71.88 a barrel. U.S. West Texas Intermediate crude fell 11 cents, or 0.16%, to $68.58 a barrel. WTI did not settle on Friday…