Oil prices respond to OPEC+ agreement on prospects of more supply

oil prices

Oil prices recoup some losses  Monday but are still down after OPEC+ overcame internal divisions and agreed to boost output, which sparked concerns about a crude surplus as Covid-19 infections continue to rise in many countries.

Brent crude is down 61 cents, or 0.8%, at $72.98 a barrel after falling to $72.35 earlier in the session. U.S. oil was down 66 cents, or 0.9%, 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 two and a half years as the global economy recovers from the Covid-19 pandemic.

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

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