Oil futures settle lower while largely shrugging off two developments that would usually be bearish for prices--OPEC+ agreed to a fifth straight monthly increase in output targets and Saudi Arabia slashed its official August selling price for light crude to Asia by $11, from a $9.50 premium to a $1.50 discount against Oman-Dubai. "It is increasingly looking like the Gulf producers are gearing up for a price war," Mizuho's Robert Yawger says in a note. Added to that was a Ukrainian strike on Russia's largest refinery, "which will likely push more crude oil away from another damaged Russian refinery and into what is quickly becoming an oversupplied global market," he says. WTI settles down 0.2% at $68.55 a barrel and Brent ends down 0.2% at $71.99 a barrel. (anthony.harrup@wsj.com)