Crude oil prices slip despite Opec+ cuts as Gulf ends voluntary curbs
LONDON: Oil slipped on Monday after Saudi Arabia said that an extension of output cuts by Opec+ nations would not include additional voluntary cuts by a trio of Gulf producers.
Brent crude was down 65 cents, or 1.5 per cent, at $41.65 a barrel by 1400 GMT, while US West Texas Intermediate (WTI) crude fell 72 cents, or 1.8 per cent, to $38.83.
The Organization of Petroleum Exporting Countries, Russia and other producers – a group known as Opec+ – agreed in April to cut supply by 9.7 million barrels per day (bpd) in May and June. They agreed on Saturday to sustain those cuts through July.
