Oil price drops to $72 a barrel, as OPEC+ agreement raises prospect of more supply


Oil prices recouped some losses on Monday, but were still down after OPEC+ overcame internal divisions and agreed to boost output.

 Brent crude was down 61 cents at $72.98 a barrel after falling to $72.35 earlier in the session.

 US oil was down 66 cents, at $71.15 a barrel, having slipped to $70.64 earlier.

OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that earlier this month climbed to the highest in around 2-1/2 years as the global economy recovers from the COVID-19 pandemic.

The group, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, agreed new production shares from May 2022.

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