Oil prices slipped today as concerns that the global economy could be slowing outweighed an agreement by producer club OPEC to extend supply cuts until next March. 

Brent crude futures were down 18 cents, or 0.28%, at $64.88 a barrel this morning. 

US crude futures for August were down 20 cents, or 0.34%, at $58.89 a barrel, after touching their highest in more than five weeks yesterday. 

The Organization of the Petroleum Exporting Countries agreed yesterday to extend oil supply cuts until March 2020 as members overcame their differences to try to prop up the price of crude. 

OPEC is slated to meet with Russia and other producers, an alliance known as OPEC+, today to discuss supply cuts amid surging US output. 

Russian President Vladimir Putin said on Saturday he had agreed with Saudi Arabia to extend global output cuts until December 2019 or March 2020.

Saudi Energy Minister Khalid al-Falih said today he was 100% confident of an OPEC+ deal. 

Meanwhile, US crude oil stockpiles were seen falling for a third consecutive week, a preliminary Reuters poll showed which also supported prices.

But concerns of a weaker global economy denting oil demand growth continue to cap price gains.  

While the US and China agreed at a recent Group of 20 leaders summit to restart trade talks, factory activity shrank across much of Europe and Asia in June while growth in manufacturing cooled in the US.