New York: Oil fell about 3% on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include additional voluntary reductions by a trio of Gulf producers.After rising for seven consecutive session, Brent oil futures fell $1.30, or 3.1%, to $41.00 a barrel by 12:16 p.m.
EDT (1616 GMT). U.S. West Texas Intermediate crude (WTI), meanwhile, fell $1.35, or 3.4%, to $38.20.Both benchmarks rose to their highest since March earlier in the session with WTI topping $40 a barrel.The Organization of the Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day (bpd) in May and June in an effort to prop up prices as coronavirus travel.