WASHINGTON (dpa-AFX) - Oil futures ended notably lower on Monday amid concerns about the outlook for energy demand after the Organization of Petroleum Exporting Countries and its allies, collectively known as OPEC+ decided to extend their output cuts till the end of the second quarter.
West Texas Intermediate Crude oil futures for April ended lower by $1.23 or about 1.5% at 78.74 a barrel.
Brent crude futures were down $0.71 or 0.85% at $82.84 a barrel a little while ago.
After their meeting on Sunday, OPEC+ announced that the 2.2 million barrels per day of voluntary output cuts that were planned for the first quarter of this year will continue into the next quarter.
The OPEC+'s decision to extend the cuts, and Russia's additional output reduction and export curbs, have raised concerns about global oil demand, particularly demand from China.
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