TOKYO: Oil prices fell more than 1% on Monday, hit by an agreement over the weekend within the OPEC+ group of producers to boost output after an earlier pact fell apart due to objections from the United Arab Emirates (UAE).
Brent crude was down $1, or 1.4%, at $72.59 a barrel by 0037 GMT, after falling nearly 3% last week. U.S. oil was down 94 cents, or 1.3%, at $70.87 a barrel, having declined almost 4% last week.
OPEC+ ministers agreed on Sunday to increase oil supply from August to dampen prices that earlier this month climbed to the highest in around two and a half years as the global economy recovers from the COVID-19 pandemic.