On Monday, Oil prices fell more than 1 per cent hit by an agreement over the weekend within the OPEC+ group to boost the output after an earlier pact which fell apart due to objections from the United Arab Emirates (UAE).

Brent crude was down $1, or 1.4 per cent, at $72.59 a barrel by 0037 GMT, after falling nearly 3 per cent last week. U.S. oil was down 94 cents, or 1.3 per cent, at $70.87 a barrel, having declined almost 4 per cent last week.

OPEC+ ministers agreed on Sunday to increase oil supply from August to dampen prices that earlier this month climbed to the highest in around two and a half years as the global economy recovers from the COVID-19 pandemic.

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The group, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, known as OPEC+, agreed on new production shares from May 2022.

“This agreement should give market participants comfort that the group is not headed for a messy breakup and will not be opening up the production floodgates anytime soon,” RBC Capital Markets said in a note.