OPEC+ announces further output increase of 188,000 barrels per day.
Global crude oil prices edged lower on Monday but remained firmly above the $100 per barrel level as ongoing geopolitical tensions and supply uncertainty continued to support the market.
Brent crude slipped 64 cents or 0.59%, to $107.53 per barrel after a previous session decline of $2.23.
Meanwhile West Texas Intermediate crude fell 84 cents or 0.82%, to $101.10 per barrel, following a sharp $3.13 drop on Friday.
Despite the dip prices remain elevated as investors weigh continued risks to global oil supply routes and uncertain geopolitical conditions in key producing regions.
Market sentiment was further shaped by expectations of increased supply after OPEC+ announced plans to raise output by 188,000 barrels per day in June for select member countries. This marks the third consecutive monthly increase in production targets.
However analysts warn that actual supply relief may remain limited if geopolitical tensions persist, particularly around critical maritime shipping routes.
For now oil markets continue to trade in a narrow but tense range with traders closely monitoring global developments that could trigger fresh volatility.
