Oil prices fall after prior gains driven by OPEC+ move | Reuters

Oil prices fall after prior gains driven by OPEC+ move | Reuters

Oil prices slipped on Monday, paring strong gains made in the previous session that was driven by the decision by OPEC+ to gradually ease some of its production cuts between May and July.

Brent crude futures for June fell 96 cents, or 1.5%, to $63.90 a barrel by 0615 GMT while U.S. West Texas Intermediate crude for May was at $60.56 a barrel, down 89 cents, or 1.5%.

Both contracts settled up more than $2 a barrel on Thursday as investors viewed the OPEC+ decision as an affirmation of demand-led recovery, and optimism was boosted by U.S. President Joe Biden’s $2 trillion infrastructure spending plan.

Markets were closed on Friday because of the Easter holiday.