Oil prices edged lower on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

Benchmark Brent crude for June settlement fell as much as 1.8 percent to $63.71 a barrel while U.S. West Texas Intermediate crude futures for May delivery were down 1.6 percent at $60.45.

The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, have agreed to boost output in May by 350,000 barrels a day, and by the same amount again in June, and further 400,000 bpd or so in July.

Saudi Arabia will restore an additional 1 million barrels per day in cuts that it made on its own as economies slowly expand after pandemic lockdowns.

The decision came after the new U.S. administration called on Saudi Arabia to keep energy affordable for consumers.

Prince Abdulaziz said during a news conference after the meeting that OPEC Plus wanted to test out increased production but would still be able to change plans if demand failed to materialize. “We can freeze; we can increase; we can decrease,” he said.

The material has been provided by InstaForex Company – www.instaforex.com

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