New York: Oil fell about 3% on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include additional voluntary reductions by a trio of Gulf producers.
After rising for seven consecutive session, Brent oil futures fell $1.30, or 3.1%, to $41.00 a barrel by 12:16 p.m. EDT (1616 GMT). U.S. West Texas Intermediate crude (WTI), meanwhile, fell $1.35, or 3.4%, to $38.20.
Both benchmarks rose to their highest since March earlier in the session with WTI topping $40 a barrel.
