Oil prices fell in early trade on Monday. Brent crude futures fell 10 cents, or 0.2% to $43.04 a barrel, while US West Texas Intermediate (WTI) crude futures edged down 6 cents, or 0.2%, to $40.53 a barrel.
OPEC and allies agreed last week to scale back oil production cuts from August as the global economy slowly recovers from the COVID-19 pandemic.
In addition, OPEC said in its monthly report that global oil demand will soar by a record 7 million barrels per day (mbpd) in 2021.
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