Oil was down on Monday morning in Asia, unable to hold onto its gains from the previous session.
Brent oil futures lost 3.57% to $25.66 by 9:50 PM ET (2:50 AM GMT) and WTI futures slid 8.04% to $18.19, Oil Down As Producers Continue to Grapple With Oversupply By (Tradelinecommodity.com) 9719098555/8057445599even as a 10-million-barrel daily cut in production agreed to by OPEC+ in early April coming into effect on Friday.
Brent futures have fallen almost 60% this year, hitting a near-21-year low last month.
Energy services firm Baker Hughes Co also said that U.S. energy firms cut oil rigs for a seventh week in a row. These cuts brought totals down to 325, the lowest since June 2016.
Meanwhile, OPEC raised production sharply to its highest level since March 2019 in advance of the cuts on Thursday.
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