Oil falls $1 after OPEC+ agreement on boosting supply – Reuters

Oil falls $1 after OPEC+ agreement on boosting supply – Reuters

TOKYO, July 19 (Reuters) - Oil prices fell more than $1 a barrel on Monday, after the OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as COVID-19 infections continue to rise in many countries.

Brent crude was down $1.08, or 1.5%, at $72.51 a barrel by 0220 GMT, after falling nearly 3% last week. U.S. oil was down $1.01 cents, or 1.4%, at $70.80 a 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 COVID-19 pandemic.