Easing supply cuts: Pump jacks operating near Loco Hillsin Eddy County, New Mexico, US. Opec and Russia are expected to ease their supply cuts to 7.7 million bpd as global oil demand has recovered and prices have bounced back. — AFP
SINGAPORE: Oil slipped nearly 1% on Monday as traders eyed an Opec technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.
Brent crude fell 29 cents, or 0.7%, to US$42.95 a barrel by 0510 GMT while US West Texas Intermediate crude was at US$40.25 a barrel, down 30 cents, or 0.7%.
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