Oil prices inched lower on Monday after Opec+ agreed to further increase its output targets from August, while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures fell 34 cents, or 0.47 per cent, to $71.78 a barrel by 0408 GMT after settling 0.45pc higher on Friday. US West Texas Intermediate crude was at $68.49 a barrel, down 20 cents, or 0.29pc.