On Monday, July 6, oil prices fell after OPEC+ agreed to raise production targets from August, while exports from key producers through the Strait of Hormuz resume and could increase global supply.
This was reported by Economic Pravda with reference to Reuters.
The report said that Brent futures fell 34 cents, or 0.47%, to USD 71.78 per barrel.
U.S. West Texas Intermediate was at USD 68.49 a barrel, down 20 cents, or 0.29%.
Both contracts were little changed last week after falling sharply in recent weeks.
Investors were closely watching U.S.-Iran talks over the fate of shipping through the Strait of Hormuz and the resumption of oil exports from the Persian Gulf.
"Following a long weekend in the U.S., traders are taking a wait-and-see approach to see whether U.S.-Iran relations will be friendly or volatile this week," said Tim Waterer, chief market analyst at KCM Trade.
The Organization of the Petroleum Exporting Countries and its allies, including russia, agreed on Sunday to further raise their production targets by 188,000 barrels per day from August, on top of similar increases for June and July.
As Ukrainian News Agency earlier reported, on Friday, July 3, crude oil prices held steady at USD 69 per barrel, hovering near levels last seen before the outbreak of conflict in the Middle East in late February, as commercial shipping through the Strait of Hormuz continued to resume amid progress in negotiations between the United States and Iran.
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