By Florence Tan
SINGAPORE (Reuters) – 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 U.S. 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 U.S. states to impose tighter travel restrictions that could dampen oil demand recovery at the world’s largest consumer. [nL2N2EJ04T]
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. [nL8N2EH1F2]
Oil prices have recovered sharply from multi-decade