Oil falls after OPEC+ deal to on boosting supply

An oil rig and pump jack in Midland, Texas, Oct. 9, 2018. (AP)

SULAIMANI (ESTA) — Oil prices fell on Monday, after OPEC+ producers overcome internal divisions and agreed to boost output.

Brent crude dropped 60 cents to $72.99 a barrel by 0628 GMT, after falling nearly 3% last week.

U.S. West Texas Intermediate (WTI) was down 63 cents at $71.18 per barrel, having declined almost 4% last week.

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 coronavirus pandemic.

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

“Oil prices may continue to gyrate in the coming weeks,” Reuters quoted Goldman Sachs as saying.

To overcome internal divisions, OPEC+ agreed new production quotas for several members from May 2022, including the UAE, Saudi Arabia, Russia, Kuwait and Iraq.

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