Oil ticked slightly lower early Monday as investors returned from a three-day Easter weekend. Crude surged in holiday-shortened trading last week after the Organization of the Petroleum Exporting Countries and its allies announced an unexpected round of production cuts. West Texas Intermediate crude for May
CL.1,
CLK23,
delivery slipped 6 cents to $80.68 a barrel on the New York Mercantile Exchange. June Brent crude
BRNM23,
the global benchmark, was up down 7 cents at $85.07 a barrel on ICE Futures Europe. WTI and Brent each jumped by more than 6% last week, the third straight weekly rise for both grades. Last week’s rally followed the April 2 announcement by Saudi Arabia and OPEC allies of plans to cut output by a collective 1.15 million barrels a day beginning in May through the end of 2023, with Russia pledging to extend a cut of 500,000 barrels a day through year-end.
