Oil prices slipped slightly on Monday after OPEC+ agreed to raise crude production from August and major Gulf exporters resumed oil shipments, easing concerns over global supply.

Brent crude futures fell by 24 cents, or 0.33 percent, to $71.88 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude declined by 11 cents, or 0.16 percent, to $68.58 per barrel during trading.

The latest decline followed a decision by OPEC+, which includes Russia, to increase its production target by 188,000 barrels per day starting in August. The group had already announced similar production increases for June and July.

Market analysts said the decision was widely expected and is unlikely to have an immediate impact because several member countries are still producing below their assigned quotas.

According to market analyst Tony Sycamore, many OPEC+ members have yet to reach their production targets. As a result, the latest increase may not immediately translate into significantly higher supplies in the global market.

Oil exports from major Gulf producers have also started recovering after disruptions caused by recent tensions between Iran and Israel. During the conflict, shipping through the Strait of Hormuz slowed, affecting exports from Saudi Arabia, Kuwait and Iraq.

Data showed that Gulf oil exports increased by more than 3 million barrels per day in June compared with May, crossing 10 million barrels per day. However, exports remain around 40 percent below pre-conflict levels.

Meanwhile, Russia's crude exports from its western ports reached a record high in June. Reports suggest Moscow is exporting more crude after Ukrainian drone attacks damaged several domestic refineries, with the trend expected to continue through July.