Oil dropped more than 3% in a volatile session on Monday, as the OPEC+ agreement to extend their record oil-production cut for an additional month failed to support markets. Earlier optimism faded after Saudi Energy Minister Prince Abdulaziz bin Salman noted that the kingdom and Gulf allies Kuwait and the United Arab Emirates would not include additional voluntary cuts in July as they are doing this month. The Cartel had first agreed in April that it would cut supply by a record 9.7 million barrels per day during May-June to balance the global oil market and prop up prices that collapsed due to the coronavirus crisis. WTI crude fell 3.4% to settle at $38.19 a barrel while Brent snapped a snapped a seven-day winning streak to settle 3.1% lower at $41 a barrel.