Brent futures for August delivery were down 14 cents to $80.97 a barrel at 0640 GMT, while U.S. West Texas Intermediate crude futures for July delivery slipped nine cents to $76.90
Oil prices were little changed on Monday, as investors weighed a move by producer group OPEC+ to extend deep output cuts well into 2025.
But on Sunday, the group agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025. It will also prolong the cuts of 2.2 million bpd by three months until end-September 2024, before phasing it out over a year from October 2024 to September 2025. Goldman Sachs analysts echoed the sentiment, saying that the meeting was viewed as bearish despite the extension of production cuts, as eight OPEC+ countries had already signaled plans to gradually phase out the 2.2 million bpd of voluntary cuts over the October 2024 to September 2025 period.
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