Crude oil futures settled marginally lower on Monday as oil tanker traffic across the Strait of Hormuz increased gradually. Meanwhile, the Organization of Petroleum Exporting Countries (OPEC+) has agreed to increase oil production another 188,000 barrels per day from August this year, that eased worries over knock-on inflationary pressures.
Benchmark crude oil futures for August delivery decreased by $0.14 or 0.20% to settle at $68.55 a barrel on the New York Mercantile Exchange. However, Brent crude for September delivery gained by $0.19 or 0.26% to settle at $71.99 a barrel on the New York Mercantile Exchange.