Oil prices were steady on Monday, supported by tighter supplies from major producers but held in check by concerns about a record rise in global coronavirus infections that could stall a recovery in fuel demand.

Brent crude was down 8 cents, or 0.2%, at $42.11 a barrel by 1102 GMT. The West Texas Intermediate crude contract (WTI) for August, which became the day’s more active contract, fell 13 cents, or 0.3%, at $39.70.

The Organization of the Petroleum Exporting Countries and allies such as Russia, a group known as OPEC+, has yet to decide whether to extend a record supply cut of 9.7 million barrels per day (bpd) into a fourth month, so it runs to the end of August.

Russia said $40 to $50 a barrel was a fair price.

Source: Reuters