Oil slips as traders eye Opec-plus meeting to extend production cuts

Oil prices fell nearly 1 per cent on Monday as traders hedged bets with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

Brent crude fell 34 cents to $37.50 a barrel, in the first day of trading in the contract with August as the front month, the Reuters reported.

West Texas Intermediate (WTI) crude futures for July delivery were at $35.17 a barrel, down 32 cents, by 0123 GMT.

The price falls come after front-month Brent and WTI prices posted their strongest monthly