Oil prices fall on OPEC+'s decision to hike production and the continued recovery in shipping through the Strait of Hormuz. In early European trading, Brent crude is down 0.4% to $71.84 a barrel, while WTI futures edge 0.3% lower to $68.48 a barrel. "Brent and Dubai crude time spreads remained in contango, reflecting ample near-term supply, and Gulf producers are expected to lower official selling prices further to maintain competitiveness," says Soojin Kim from MUFG. Contango occurs when near-term futures prices are lower than longer-dated contract prices. Saudi Arabia's exports have surged close to prewar levels, while the United Arab Emirates is also restoring flows at a rapid pace, contributing to a looser physical market, according to analysts. (giulia.petroni@wsj.com)