Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
Brent crude for September fell 73 cents, or 1 percent, to $74.82 a barrel by 0900 GMT while US West Texas Intermediate crude for August was at $73.81 a barrel, down 75 cents, or 1 percent.
For the latest headlines, follow our Google News channel online or via the app.
Both benchmarks fell around 1 percent last week but still hover near highs last reached in October 2018.
The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies warned on Saturday.
A Reuters tally of new COVID-19 infections shows them rising in 69 countries, with the daily rate pointing upwards since late-June and now hitting 478,000.
“The market has been a bit negative as of late amid the growing sense that the latest OPEC+ impasse could be a precursor to a pump-and-grab scenario, meaning a lot more oil potentially gets put on the market,” said Stephen Brennock of oil broker PVM.
Oil prices slumped last Tuesday after the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, did not reach an agreement to increase output from August. This was because the United Arab Emirates rejected a proposed eight-month extension to OPEC+ output curbs.
The world’s top oil exporter Saudi Arabia met full contractual demand for crude oil from five buyers in August, but turned down at least two requests for additional volumes.
Front-month WTI crude futures posted their sixth weekly gain last week after a bullish report from the US Energy Information Administration showed US crude and gasoline stocks fell while gasoline demand reached its highest since 2019.
In response to higher oil prices, US energy firms added oil and natural gas rigs for a second week in a row, data from Baker Hughes showed.
Oil prices continue to fall as OPEC+ uncertainty over supply weighsOil prices fell for a third day on Thursday amid uncertainty over supply after the collapse this week of talks among major producers which could ... Energy
Adviser to Iraqi PM says lack of OPEC coordination will lead to price war: INAThe financial adviser to Iraq’s prime minister said that “in the absence of coordination and understandings between OPEC producers, the beginnings of ... Energy
OPEC+ abandons oil policy meeting after failing to reach consensusOPEC+ ministers called off oil output talks on Monday after the United Arab Emirates last week balked at a proposed eight-month extension to output ... Energy
Saudi energy minister says Kingdom considers interests of all in role as OPEC+ chairThere is consensus among OPEC+ countries on extending OPEC+ pact, except for one nation, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman ... Energy
Iraq supports extending OPEC output cut agreement until Dec 2022: MinisterIraq supports a proposal by OPEC and its allies to extend an agreement to curb oil output until December 2022, Oil Minister Ihsan Abdul Jabbar said on ... Energy
UAE proposes postponing decision to extend OPEC+ pact: WAMThe United Arab Emirates on Sunday said it supported an increase in oil output from August but suggested deferring to another meeting a decision by ... Energy