TOKYO (AP) — European shares advanced Monday after a retreat in Asian markets and U.S. futures climbed ahead of Wall Street’s reopening following the Independence Day holiday.
Oil prices slipped after OPEC+ announced Sunday that seven of its members plan to expand oil production by a combined total of 188,000 barrels per day in August. It was the fifth straight month that OPEC+ members have agreed to raise output.
The countries increasing their output are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
Uncertainty over supplies persists as talks with Iran aimed at fully reopening the Strait of Hormuz appear to be on hold during funeral ceremonies for Ayatollah Ali Khamenei, which will continue for several days.
Brent crude, the international standard, lost 40 cents to $71.72 a barrel. U.S. benchmark crude fell 29 cents to $68.40 a barrel.
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