Oil prices fall before OPEC+ meeting

Oil prices slid ahead of the Joint Ministerial Monitoring Committee (JMCC) meeting of the OPEC and allies to review the previously agreed oil output cuts deal on Wednesday.

Brent crude futures fell 38 cents, or 0.8%, to $45.08 a barrel, while US West Texas Intermediate (WTI) crude futures was down 25 cents, or 0.6%, at $42.64 a barrel.

This month, OPEC and allies reduced their agreed cuts to 7.7 million barrels per day (bpd) from 9.7 million bpd previously.

Compliance with OPEC+ oil output cuts was seen at around 97% in July, according to a Reuters report.