Oil prices declined on Monday, giving up some of the gains they had scored in the prior week.
For July delivery, the West Texas Intermediate lost 37 cents, or 0.3 percent, to settle at 118.50 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 21 cents, or nearly 0.2 percent, to close at 119.51 dollars a barrel on the London ICE Futures Exchange.
Traders continued to digest a key decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, to boost output by a larger amount in July.
The group on Thursday agreed to increase oil production by 648,000 barrels per day (b/d) in July, higher than its previous monthly increases of 432,000 b/d.
The U.S. crude standard rose 3.3 percent for the week ending Friday, while Brent climbed 3.6 percent, based on the front-month contracts.