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Oil down on OPEC+ deal

Crude oil prices slid below US$70/bbl for the first time since early June following the OPEC+ deal agreed on Sunday.
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Staff reporter

OPEC+ agreed to pump an extra 400,000 barrels a day each month from August, with the deal due to last until April 2022.

Lower oil prices should be a positive development for miners in the near term. The sharp rise seen over the past few months translated to cost inflation.

Last week Rio Tinto increased Pilbara iron ore unit costs to $18-18.5/t from $16.7-17.7/t, citing, price escalation of key input costs  - diesel and labour - as one of its main challenges.

Copper ticked lower overnight, down 0.88% to US$4.29/lb, while gold ticked lower versus Friday, last trading at US$1,802/oz just after 10am London time on Monday.

US stocks dropped on Friday on concerns over inflation and earnings.

The S&P 500 was down 1.08%

ASX futures were down 37 points. Domestic concerns are expected to weigh on the Aussie market this week, given the tightening of Sydney's lockdown and its potential impact on growth, and the potential extension of Melbourne's lockdown beyond tomorrow night.