Oil prices slipped in early trade on Wednesday. Brent crude futures rose 14 cents, or 0.3% to $43.36 a barrel, while US West Texas Intermediate (WTI) crude futures gained 2 cents, or 0.1%, to $41.06 a barrel.

 

Earlier this month, OPEC and allies agreed to scale back oil production cuts from August to 7.7 million barrels per day until December as the global economy slowly recovers from the COVID-19 pandemic.

 

In addition, OPEC expected global oil demand to soar by a record 7 million barrels per day (mbpd) in 2021.

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