Oil prices mixed as coronavirus spike casts shadow over US demand

OPEC and allies including Russia, collectively known as OPEC+, have pledged to slash production by a record 9.7 million barrels per day (bpd) for a third month in July

Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States.

Brent crude rose 11 cents, or 0.3%, to $42.91 a barrel by 0109 GMT after a 4.3% gain last week, while U.S. West Texas Intermediate crude was at $40.35, down 30 cents, or 0.7%, from its previous settlement on Thursday. U.S. markets were closed on Friday to mark July 4 holiday celebrations.

Amid rising numbers of coronavirus cases in 39 U.S.