Oil prices dip after OPEC+ agree to ease output cuts – Reuters

SourceReuters
SectorOil & Gas
CountryGulf

SINGAPORE (Reuters) -Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.FILE PHOTO: A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. REUTERS/Max Rossi/File PhotoBrent crude futures for June fell 33 cents, or 0.5%, to $64.53 a barrel by 0206 GMT while U.S. West Texas Intermediate crude for May was at $61.20 a barrel, down 25 cents, or 0.4%.Both contracts settled up more than $2 a barrel on Thursday as investors viewed the OPEC+ decision as an affirmation of demand-led recovery and optimism was boosted by U.S. President Joe Biden’s $2 trillion infrastructure spending plan.

Markets were closed on Friday because of the Easter holiday.The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another...read more...