Oil prices decline on Tuesday

Oil prices fell in early trade on Tuesday. Brent crude futures fell 77 cents, or 1.8% to $41.95 a barrel, while US West Texas Intermediate (WTI) crude futures slid 84 cents, or 2.1%, to $39.26 a barrel.

Crude prices have recovered sharply from multi-decade lows in April as the OPEC+ cut production by 9.7 mbpd over May to July.

Meanwhile, OPEC’s Joint Ministerial Monitoring Committee (JMMC) is scheduled to meet this week to recommend the next level of cuts after compliance in the group hit 107% in June, up from 77% in May.