OPEC+ increases oil output targets by 188,000 barrels daily

OPEC+ agreed to increase its output targets by 188,000 barrels per day from August, following earlier increases for June and July. Brent crude futures fell 24 cents to $71.88 a barrel, while U.S. West Texas Intermediate crude decreased by 11 cents to $68.58 a barrel. OPEC's output in June rose to 19.43 million barrels per day, marking a month-on-month increase of 3.3 million barrels, although it remains 40% below pre-war levels. The recovery of Gulf oil exports is ongoing despite challenges related to the U.S.-Israeli conflict with Iran, affecting shipping routes (OPEC).