Oil futures slumped Monday but were well off the lowest levels of the day as the market continued to assess the state of supply.
The Organization of the Petroleum Exporting Countries and its allies said Sunday they were deepening their production cuts beyond the 1.2 million barrels per day agreed to in December. But Saudi Arabia and Russia appeared to disagree on whether the reductions should be extended into the second half of the year.
April West Texas Intermediate crude was down 25 cents, or 0.4%, to $58.26 a barrel on the New York Mercantile Exchange. WTI tallied a weekly gain of about 4.4% based on the most-active contracts last week. That marked its sharpest weekly rise since the period ended Feb. 15, according to Dow Jones Market Data.