Oil Prices Drop despite OPEC+ Production Cut Extension

Oil prices fell early on Monday, despite a move by producer group OPEC+ to extend deep output cuts well into 2025. Brent futures for August delivery were down 24 cents, or 0.3%, to $80.87 a barrel. US West Texas Intermediate (WTI) crude futures for July delivery fell 19 cents, or 0.25%, to $76.80. On Sunday, the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, agreed to extend output cuts until the end of 2025. Source: Qatar News Agency