• Oil retreated after hitting resistance near $80 a barrel as the OPEC+ coalition met expectations with its latest production move.
• West Texas Intermediate settled below $79 a barrel as traders locked in gains from crude’s rally to the key psychological level last week, the first time it had breached that price since November. The Organization of the Petroleum Exporting Countries and its allies extended their roughly 2 million-barrel-a-day reduction through the end of June, with Russia emphasizing it would cut output and not just exports.
• Traders and analysts had already priced in the widely expected OPEC+ decision, which was seen as necessary to offset a seasonal lull in demand and soaring output from other producers. The latest cuts will be returned gradually, subject to market conditions, OPEC’s Secretariat said in a statement.