OPEC+ approves output hike; oil prices ease in Asian trading

BAGHDAD, Iraq — Oil prices fell in Asian trading on Monday after the OPEC+ alliance approved an increase of 188,000 barrels per day to its production targets starting in August. Brent crude slipped 0.33% to $71.88 a barrel, while West Texas Intermediate dropped 0.16% to $68.58. The group of OPEC members and allies led by Russia has approved similar increases for June and July. Gulf exporters have been recovering from recent disruptions in the region, and Russian shipments from western ports reached a record level in June. Analysts said expectations of rising global supply and renewed pressure on prices are gaining ground. Some producers, however, remain below their targeted output levels, which could limit actual supply increases in the near term.