Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.
Brent crude futures for June fell 33 cents, or 0.5 percent, to $64.53 a barrel by 0206 GMT while US West Texas Intermediate crude for May was at $61.20 a barrel, down 25 cents, or 0.4 percent.
Both contracts settled up more than $2 a barrel on Thursday as investors viewed the OPEC+ decision as an affirmation of demand-led recovery and optimism was boosted by US President Joe Biden’s $2 trillion infrastructure spending plan. Markets were closed on Friday because of the Easter holiday.
The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.
Under Thursday’s agreement, OPEC+ cuts would be just above 6.5 million bpd from May, compared with slightly below 7 million bpd in April.