Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand.
Brent crude futures slid 8 cents, or 0.2%, to $43.44 a barrel by 0001 GMT while U.S. West Texas Intermediate crude futures were down 12 cents, or 0.3%, at $40.15 a barrel.
“Investors are worried about supply gluts as the OPEC+ is due to start reducing production cuts this month and a recovery in oil prices from record lows is expected to encourage U.S. shale producers to ramp up output,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
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