Oil Prices Decline Following OPEC+ Decision to Boost Production

Oil prices saw a slight decline on Monday, following the agreement by the "OPEC+" group to further increase its production targets starting from August. This comes amid a notable recovery in exports from major producers via the Strait of Hormuz, a development that could contribute to boosting global crude supplies. By 00:10 GMT, Brent crude futures recorded a decrease of 24 cents, reaching $71.88 per barrel, after having closed higher on Friday. In the same context, the price of US West Texas Intermediate (WTI) crude settled at $68.58 per barrel, marking an 11-cent drop. It is worth noting that WTI crude contracts were not settled on Friday due to the closure of US markets ahead of the Independence Day holiday on Saturday.