Oil slips as traders eye supply cut easing at OPEC meeting

* OPEC JMMC to meet Tues-Wed to decide on supply cuts
* Florida reports record 15,000 new COVID-19 cases
* Libya exports first crude cargo in 6 months

By Florence Tan
SINGAPORE, July 13 (Reuters) - Oil slipped in early Asian
trade on Monday as traders eyed an OPEC technical meeting this
week which is expected to recommend an easing in supply cuts
that have been propping up crude prices.
Brent crude LCOc1 fell 27 cents to $42.97 a barrel by 0114
GMT while U.S. West Texas Intermediate crude CLc1 was at
$40.27 a barrel, down 28 cents.
Oil was little changed last week as a resurgence of
coronavirus cases prompted several U.S. states to impose tighter
travel restrictions that could dampen oil demand recovery at the
world's largest consumer. However, prices rose more than 2% on Friday after an upward
revision by the International Energy Agency in its 2020 oil
demand by 400,000 barrels per day. Oil prices have recovered sharply from multi-decade lows in
April after the Organization of the Petroleum Exporting
Countries and allies including Russia, a group known as OPEC+,
cut output by a record 9.7 million barrels per day for three
months since May.
OPEC's Joint Ministerial Monitoring Committee (JMMC) will
meet on Tuesday and Wednesday to recommend the next level of
cuts.
OPEC and Russia were expected to ease their supply cuts as
global oil demand has recovered and prices have bounced back.
"The planned easing of OPEC+ production cuts next month ...
and a potential rebound in U.S. production could add pressure on
the supply side of the equation," Stephen Innes, chief global
markets strategist at AxiCorp said in a note.
Libya exported its first crude cargo in six months on Friday
after a blockade by eastern forces, but then re-imposed force
majeure on all oil exports on Sunday.
Its National Oil Corp accused the United Arab Emirates of
instructing the eastern forces in Libya's civil war to reimpose
the blockade.