NEW YORK: Oil prices fell slightly on Monday, as demand headwinds counterbalanced a widely expected extension of voluntary output cuts through the middle of the year by the OPEC+ producer group.
Brent futures fell 81 cents to $82.74 a barrel at 12:18 p.m. ET (1718 GMT) after rising 2.4% last week. US West Texas Intermediate (WTI) fell $1.20, or 1.5%, to $78.77 a barrel following a 4.6% gain last week.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are extending their voluntary oil output cuts of 2.2 million barrels per day (bpd) into the second quarter to cushion the market amid global economic concerns and rising output outside the group.
However, the end of a warm winter across the Northern Hemisphere is pressuring oil prices despite the OPEC+ announcement, said John Kilduff, partner at Again Capital LLC in New York.
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