Oil drops following OPEC+ output hike

Oil prices slightly declined following the OPEC+ coalition's decision to increase production by 188,000 barrels per day starting in August, amid a recovery in major producers' exports through the Strait of Hormuz. Brent crude traded at $71.78 per barrel, down by 0.47%, while West Texas Intermediate (WTI) was at $68.49, decreasing by 0.29%. Data from June showed OPEC's production had risen by 3.3 million barrels per day to reach 19.43 million barrels, as Gulf countries boosted supplies, although the immediate impact was limited due to the market's recovery from previous shutdown effects.

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