Oil prices fall on Monday

Oil prices fell on Monday on oversupply worries and a rise in COVID-19 cases worldwide to more than 18 million.

Brent crude futures slid 26 cents, or 0.6% to $43.26 a barrel, while US West Texas Intermediate (WTI) crude futures slipped 29 cents, or 0.7%, to $39.98 a barrel.

In July, OPEC and allies agreed to scale back oil production cuts from August to 7.7 million barrels per day until December as the global economy slowly recovers from the COVID-19 pandemic.

In addition, OPEC expected global oil demand to soar by a record 7 million barrels per day (mbpd) in 2021.