SINGAPORE — Shares in Asia-Pacific were set for lower start on Monday, as markets watched oil prices after OPEC and its allies reached a deal.

Futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 27,680 while its counterpart was at 27,710. That compared against the Nikkei 225’s last close at 28,003.08.

Australian stocks also looked poised for a lower open. The SPI futures contract was at 7,232.0, against the S&P/ASX 200’s last close at 7,348.10.

Investors will watch for movements in oil markets on Monday. OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production by September 2022. Coordinated increases in oil supply from the group — collectively known as OPEC+ — will start in August, OPEC said in a statement.

The development came as international benchmark Brent crude futures surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic.

In the morning of Asia trading hours, Brent slipped 0.67% to $73.10 per barrel. U.S. crude futures also declined 0.54% to $71.42 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.67 following a recent climb from below 92.4.

The Japanese yen traded at 109.93 per dollar, stronger than levels above 110.4 seen against the greenback last week. The Australian dollar changed hands at $0.7393, lower than levels above $0.748 last week.