Oil slips as OPEC+ agrees to raise August output targets by 188,000 bpd

According to CNBC, oil prices edged lower on Monday after OPEC+ agreed on Sunday to increase output targets by 188,000 barrels per day from August and as exports via the Strait of Hormuz recovered. Brent crude futures fell 24 cents, or 0.33%, to $71.88 a barrel by 0010 GMT, while U.S. West Texas Intermediate crude was down 11 cents, or 0.16%, at $68.58 a barrel; there was no WTI settlement on Friday because U.S. markets were closed ahead of the Independence Day holiday. IG market analyst Tony Sycamore said the OPEC+ increase was largely in line with expectations, while noting the United Arab Emirates quit OPEC as of May 1. CNBC also cited data showing OPEC oil output in June rose by 3.3 million barrels per day month-on-month to 19.43 million bpd, and Gulf oil exports in June rose more than 3 million barrels from May to exceed 10 million barrels per day, though still 40% below pre-war levels; it also reported that shipments from Russia's western ports hit a record high in June and are expected to maintain that level in July, according to industry sources.