Brent and WTI crude futures decline after OPEC+ agrees to boost production targets by 188,000 barrels per day from August.
Oil prices dropped after OPEC+ agreed to raise output targets by 188,000 barrels per day starting in August, adding to existing increases for June and July. Brent crude fell 0.57% to $71.71, while WTI declined 0.54% to $68.32 amid recovering exports from the Strait of Hormuz.
Both contracts showed little change last week as investors monitored U.S.-Iran talks over Hormuz shipping lanes and Gulf oil export recovery. The output increase follows prior monthly hikes but remains largely theoretical due to geopolitical disruptions limiting actual supply growth.
Analysts noted the move signals weak near-term price support, though lower prices could eventually stimulate demand. June Gulf exports data remains pending, with market focus on supply dynamics and geopolitical risks.