Sharjah24 – Reuters: Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.

Brent crude for September fell 35 cents, or 0.5%, to $75.20 a barrel by 0641 GMT while U.S. West Texas Intermediate crude for August was at $74.23 a barrel, down 33 cents, or 0.4%.

The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies warned on Saturday.

Oil prices slumped last Tuesday after the Organisation of the Petroleum Exporting Countries and their allies, a group known as OPEC+, did not reach an agreement to increase output from August. This was because the United Arab Emirates rejected a proposed eight-month extension to OPEC+ output curbs.