Oil prices fell at the start of trading on Tuesday. They are thus extending their losses compared to the previous session when prices fell to their lowest level in four months

West Texas Intermediate crude oil futures fell 17 cents, or 0.2%, to $74.05. It also settled near its lowest level in four months on Monday, after falling by 3.6%. The price of Brent fell by 20 cents, or 0.3%, to $78.16 per barrel. Brent closed below $80 for the first time since Feb. 7, after falling more than 3% on Monday. The Organization of Petroleum Exporting Countries and its allies led by Russia, known together as OPEC+, agreed on Sunday to extend most of their oil production cuts until 2025, but left room for voluntary cuts by eight members, which will be phased out starting in October.