Oil slips as traders expect OPEC+ to ease supply cuts - Reuters

Oil slips as traders expect OPEC+ to ease supply cuts - Reuters:

Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.

Brent crude LCOc1 fell 32 cents, or 0.7%, to $42.92 a barrel by 0646 GMT while U.S. West Texas Intermediate crude CLc1 was at $40.22 a barrel, down 33 cents, or 0.8%.

Oil was little changed last week as a resurgence of coronavirus cases prompted several U.S. states to impose tighter travel restrictions that could dampen oil demand recovery at the world’s largest consumer.

However, prices climbed more than 2% on Friday after the International Energy Agency raised its 2020 oil demand forecast by 400,000 barrels per day.