Oil declined after OPEC+ agreed to boost production into 2022, resolving a bitter internal dispute that had shaken the alliance with a pledge to restore millions of barrels of crude output to the energy market.
Global benchmark Brent shed more than 1 percent, while West Texas Intermediate fell. The Organization of Petroleum Exporting Countries and its allies will add 400,000 barrels a day each month from August until all its halted output has been revived. The deal also gives Saudi Arabia, the UAE, Iraq, Kuwait and Russia higher baselines against which their cuts are measured from May 2022.
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