Crude oil prices edged lower on Monday despite several members of the Opec+ group extended oil output cuts as part of efforts to support market balance and stability. As of 1245 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.51 (-0.61 percent) to reach $83.04 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $0.60 (-0.75 percent) to $79.37 a barrel. On the other hand, the price of Arab Light increased by $0.78 (+0.94 percent) to reach $83.55 a barrel. Similarly, the price of Russian Sokol increased by $0.86 (+1.14 percent) to $76.20. However, the price for Opec Basket decreased to $82.01 a barrel with a dip of $0.01 (-0.01 percent). Several members of the Opec+ group oil producers, including Saudi Arabia, the UAE and Kuwait, will extend oil output cuts as part of efforts to support market balance and stability. In total, Opec+ members are extending additional voluntary cuts of 2.2 million barrels per day to the end of second quarter, the Opec secretariat said in a statement on Sunday. Saudi Arabia, the world’s biggest oil exporter and Opec’s largest producer, will extend its voluntary cut of one million bpd through to the end of the second quarter of 2024.