Oil falls 3% despite OPEC+ cuts as Gulf ends voluntary curbs - Reuters

Oil falls 3% despite OPEC+ cuts as Gulf ends voluntary curbs - Reuters:

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 LCOc1 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) CLc1, 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.

The Organization of the 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 in an effort to prop up prices as coronavirus travel restrictions caused demand to collapse.