Oil Prices Slip as OPEC+ Boosts Supply

Oil prices edged lower on Monday after OPEC+ announced a production increase, easing concerns over global supply shortages.

Brent crude fell to $71.61 a barrel, while U.S. West Texas Intermediate dropped to $68.24. The decline also came as shipping traffic through the Strait of Hormuz continued to normalize, with commercial vessel movements steadily recovering.