Oil prices slipped in early trade on Monday. Brent crude futures fell 14 cents, or 0.3% to $43.20 a barrel, while US West Texas Intermediate (WTI) crude futures declined 10 cents, or 0.2%, to $41.19 a barrel.
OPEC and allies agreed last week to scale back oil production cuts from August to 7.7 million barrels per day until December as the global economy slowly recovers from the COVID-19 pandemic.
In addition, OPEC said in its monthly report that global oil demand will soar by a record 7 million barrels per day (mbpd) in 2021.
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