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.

• Hindustan Copper Reports 9% Rise in MIC Output for FY26
• SAIL Shares Slip 0.91% as CMD Amarendu Prakash Steps Down
• Bosch Jumps 12% in Two Sessions on E-Mobility JV
• Latent View Analytics Shares Skyrocket 20% on Deal with Healtheon AI 
• Ola Electric Shares Jump 9% on Roadster X+ Price Cut

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.