Brent drops after Opec+ output deal

LONDON — Brent crude oil fell 1 per cent on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after Opec and its partners agreed to raise production. Despite the increase, which is intended to stop the gap between global supply and demand from becoming too wide, analysts said global oil markets would likely remain relatively tight this year. Brent crude futures were down 78 cents at $74.78 a barrel at 0917 GMT, while US light crude was up 25 cents at $68.83 a barrel, supported in part by a Canadian supply outage.