Oil prices dip slightly, OPEC+ extends cuts, supply impacted

Oil prices dipped slightly on Monday, with Brent crude at $86.83 and U.S. West Texas Intermediate at $83.06 per barrel. OPEC+ extended production cuts to June, impacting supply. Russian refinery drone attacks reduced fuel exports. European oil demand exceeded expectations, while China's manufacturing grew in March. Analysts predict Brent to average $83/bbl in Q4 2024. Investors monitor U.S. economic data for potential Federal Reserve interest rate cuts.