Picture used for illustration.
Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.
Brent crude fell 29 cents, or 0.7%, to $42.95 a barrel by 0510 GMT while US West Texas Intermediate crude was at $40.25 a barrel, down 30 cents, or 0.7%.
Oil was little changed last week as a resurgence of coronavirus cases prompted several US states to impose tighter travel restrictions that could dampen oil demand recovery at the world's largest consumer.
However, prices climbed more than 2% on Friday after the International Energy Agency raised its 2020 oil demand forecast by 400,000 barrels per day.
Oil prices have recovered sharply from multi-decade lows in April as the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, cut output by a record 9.7 million barrels per day (bpd) over May to July.
OPEC's Joint Ministerial Monitoring Committee (JMMC) will meet on Tuesday and Wednesday to recommend the next level of cuts after compliance in the group hit 107% in June, up from 77% in May.
OPEC and Russia are expected to ease their supply cuts to 7.7 million bpd as global oil demand has recovered and prices have bounced back, OPEC+ sources have told Reuters.
"They've done a good job of bringing prices as high as expected in the mid-term so they should be very careful about ruining sentiment," Tony Nunan, a Tokyo-based senior risk manager at Mitsubishi Corp said.
Higher prices have prompted some US producers to start drilling again even as the number of operating oil and natural gas rigs hit a record low for a 10th straight week.
"If you want to keep drilling down, then you're going to have to keep prices around this level," Nunan said.
Libya exported its first crude cargo in six months on Friday after a blockade by eastern forces, but then re-imposed force majeure on all oil exports on Sunday.
Opec and its oil-producing allies shifted on Monday towards extending their daily output caps, sending oil prices racing higher before the outcome of the group’s official gathering.
Opec said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including US shale producers slows, pointing to a tighter market if the exporter group refrains from raising output. But the Organization of the Petroleum Exporting Countries,
Opec and its allies agreed on Thursday to keep current production cuts until further review in December, with the Kingdom of Saudi Arabia pledging to further strengthen its voluntary production adjustment to 9.890 million bpd in October.
The number of people in work in Britain has suffered the biggest drop since 2009 and signs are growing that the coronavirus will take a heavier toll on the labour market as the government winds down its huge job-protection scheme.
Emaar Malls reported revenue of Dhs1.657 billion ($ 451 million) in the first half of 2020. With a first-half net profit of Dhs345 million ($ 94 million) the result demonstrates the resilience of the business.
Dubai Land Department, in cooperation with Property Finder, launched the fourth edition of Mo’asher, Dubai’s official sales price index. The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012,