Reuters: Oil prices dip after OPEC+ agree to ease output cuts.

REUTERS

REUTERS

Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

Brent crude futures for June fell 33 cents, or 0.5%, to $64.53 a barrel by 0206 GMT while U.S. West Texas Intermediate crude for May was at $61.20 a barrel, down 25 cents, or 0.4%, as reported by Reuters.

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.

Read also Nord Stream 2: Minor issues in construction could result in major disaster – Ukraine intelligence The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.

Under Thursday's agreement, OPEC+ cuts would be just above 6.5 million bpd from May, compared with slightly below 7 million bpd in April.

More news reports

Translation: Kanaryan Lyudmila

Unian

Read the top-news of politics in Ukraine and the world, the latest political news from the UNIAN news agency.

https://www.unian.info/

Related news
StoryCorps' mission to bridge the US political divide.

StoryCorps' mission to bridge the US political divide.

"The issue is that [we got] to the point where we hate each other," the company's president, Dave Isay, told Martha Raddatz.

1 62

Rivals vying to succeed Angela Merkel square off in Germany - DW News.

Rivals vying to succeed Angela Merkel square off in Germany - DW News.

In Germany, a two-man contest is shaping up to succeed Angela Merkel as Chancellor. Bavaria's Markus Söder has thrown his hat in the ring - saying he is ready to be the conservative candidate in this autumn's general election. That means the conse...

Arizona sues Biden for worsening border crisis, gun control.

Arizona sues Biden for worsening border crisis, gun control.

Arizona Attorney General Mark Brnovich talks details of the state's lawsuits filed against the Biden administration. #FoxNews Subscribe to Fox News! Watch more Fox News Video: ​​ Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all...

Watch live: Police officer William Evans lies in honor in Capitol Rotunda.

Watch live: Police officer William Evans lies in honor in Capitol Rotunda.

Set a reminder to watch live on Tuesday, April 13 at 10:30 a.m. ET: Capitol Police officer William "Billy" Evans, who was killed on April 2 when a man rammed his car into him and a colleague near a Capitol barricade, will be honored with a congres...

Kayleigh McEnany says radical left 'really running the show,' not Biden.

Kayleigh McEnany says radical left 'really running the show,' not Biden.

Former White House Press Secretary Kayleigh McEnany claims everything coming from the Biden administration is "anything but moderate." #FoxNews Subscribe to Fox News! Watch more Fox News Video: ​​ Watch Fox News Channel Live: FOX News Channel (FNC...

Ukraine accuses Russia of stoking tensions, and military build-up increases.

Ukraine accuses Russia of stoking tensions, and military build-up increases.

Ukraine has accused Russia of building up hundreds of troops near the border, with violence spreading in the Donbass region. Satellite images and witness testimony shows troop numbers building up only miles from the Ukraine border where hundreds o...