Oil slips after OPEC+ agrees to raise output targets

Brent crude futures slipped 0.33 percent to 71.88 dollars a barrel after OPEC and its allies including Russia agreed on Sunday to further raise output targets by 188,000 barrels per day from August, on top of similar increases for June and July. Analysts noted the increase remains largely on paper as Gulf producers are still recovering from the U.S.-Israeli war with Iran which closed the Strait of Hormuz to tanker traffic, capping output from Saudi Arabia, Kuwait and Iraq. OPEC oil output in June rose 3.3 million barrels per day month-on-month to 19.43 million bpd, recovering from its lowest in more than two decades.