Oil falls by more than 1% after OPEC+ agrees to raise output targets

Oil prices fell by more than 1% as OPEC+ agreed to raise output targets from August, increasing expected global supply. The drop was reinforced by recovering exports from key producers through the Strait of Hormuz, which could further add to supply and weigh on crude prices.

Analysis

Oil prices fell by more than 1% as OPEC+ agreed to raise output targets from August, increasing expected global supply. The drop was reinforced by recovering exports from key producers through the Strait of Hormuz, which could further add to supply and weigh on crude prices.