Oil Slips With OPEC+ Discord and U.S. Demand Data Sowing Doubt - Bloomberg

Oil Slips With OPEC+ Discord and U.S. Demand Data Sowing Doubt - Bloomberg:

Oil retreated from a three-month high as OPEC+ unity was threatened by a long-running feud over complying with production cutbacks, while U.S. data cast doubt on the strength of the demand recovery.

Futures in New York fell 1.9% to below $37 a barrel after closing at the highest since March 6. Saudi Arabia and Russia have reached a preliminary deal to extend output curbs for an extra month, but it’s conditional on other members making deeper cuts in the months ahead to make up for past non-compliance, people familiar with the matter said. The two leading producers have lost patience with the errant behavior of the next-biggest member, Iraq.

PRICES:
West Texas Intermediate for July delivery dropped 1.9% to $36.58 a barrel as of 10:46 a.m. London time, after rising 1.3% on Wednesday. Brent for August settlement declined 1.3% to $39.26 a barrel.