Oil prices fell on Monday after major oil-producing countries agreed to increase production.

A barrel (159 liters) of North Sea Brent cost US $ 72.92 that morning.

That was 67 cents less than on Friday.

The price of a barrel of American West Texas Intermediate (WTI) fell 67 cents to $ 71.14.

The oil cartel Opec and its partner countries (Opec +) agreed on a significant increase in oil production over the weekend in view of the global economic recovery.

From August onwards, the Oil Alliance will increase its daily production by 400,000 barrels a month for the time being, Opec announced on Sunday after an online ministerial meeting called at short notice.

If market conditions permit, the existing production cut will expire in September 2022, it said.

An increase in the delivery rate tends to put a strain on prices.

The reactions on the markets were, however, limited.

An agreement had already emerged before the weekend.

A dispute between Saudi Arabia and the United Arab Emirates over production quotas prevented an agreement two weeks ago.