The price of Brent crude drops below $80 for the first time since February

Brent crude oil prices fell below $80 a barrel on Monday for the first time since February after an OPEC+ meeting where members agreed that countries could start phasing out voluntary production cuts starting in October.

The nearest Brent futures contract was down 2.2 percent at $79.35 by about 1400 GMT before recovering to around $80.32, while the U.S. WTI contract was down 1.0 percent at 76, $19.

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