Oil Prices Steady as Investors Assess OPEC+ Output Cut Extension

Oil prices were little changed on Monday, as investors weighed a move by producer group OPEC+ to extend deep output cuts well into 2025. Brent futures for August delivery were down 14 cents, or 0.2%, to $80.97 a barrel. US West Texas Intermediate (WTI) crude futures for July delivery slipped 9 cents, or 0.1%, to $76.90. Brent settled down 0.6% and WTI posted a 1% loss last week. The Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, are currently cutting output by a total of 5.86 million barrels per day (bpd), which is about 5.7% of global demand. Source: Qatar News Agency