Oil prices dip on Tuesday

Oil prices dropped further on Tuesday. Brent crude fell 20 cents, or 0.5%, at $39.52 a barrel by 0424 GMT, having gained 2.6% on Monday. U.S. West Texas Intermediate (WTI) crude futures dropped 21 cents, or nearly 0.6%, to $36.91 a barrel, after closing 2.4% higher in the previous session.

Last week, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that Gulf OPEC members were not planning to extend voluntary cuts in oil output into July as they were for June only.

On June 6, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, agreed during the 11th ministerial meeting, to extend the current oil production adjustments until July.

In April, OPEC+ agreed to reduce output by 9.7 million barrels per day in May and June.