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Oil prices slipped on Monday after benchmark Brent climbed five-month high in the previous session. However, the market was kept strong by the concerns of global supply. Brent went down 0.1% and was traded at $71.46 a barrel. WTI fell 0.4% and was traded at $63.63 per barrel. The oil cartel OPEC and its allies have scheduled a meeting in June to decide upon the future of supply cuts.