Pakistan, July 6 -- Oil prices edged lower on Monday after Opec+ agreed to raise its production targets for August, while crude exports through the Strait of Hormuz continued recovering following recent regional tensions, increasing expectations of higher global supply.

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Brent crude futures fell 24 cents, or 0.33%, to $71.88 per barrel in early trading, while US West Texas Intermediate (WTI) crude slipped 11 cents, or 0.16%, to $68.58 per barrel. WTI did not settle on Friday because US markets were closed ahead of the Independence Day holiday.

The market reaction followed Sunday's decision by the Organisation of the Petroleum Exporting Countries (Opec) and it...