UPDATE 7-Oil falls as OPEC+ plans to raise output while virus cases increase

* OPEC+ to ease output cuts by 2 mln bpd to 7.7 mln from Aug
* Global coronavirus cases cross 13.64 mln, death toll at
584,152
* China refinery output hits record in June

(Updates with settlement prices)
By Stephanie Kelly
NEW YORK, July 16 (Reuters) - Oil prices fell 1% on Thursday
after OPEC+ agreed to ease record supply curbs and as new
infections of the novel coronavirus continue to surge in the
United States.
Both benchmark Brent and U.S. crude have remained above $40
a barrel for the last several weeks. The Organization of the
Petroleum Exporting Countries and its allies, known as OPEC+,
lowered daily supply beginning in May and demand worldwide has
rebounding, helping prices to stabilize.
Fears of a second wave of cases of COVID-19 - led by the
United States - are keeping the rally in check. Nearly 600,000
people worldwide have died of the disease, according to a
Reuters tally. Brent LCOc1 fell 42 cents, or 1%, to settle at $43.37 a
barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell 45
cents, or 1.1%, to settle at $40.75 a barrel.
Both benchmarks rose 2% on Wednesday following a sharp
drawdown in U.S. crude inventories. EIA/S
International Energy Agency Executive Director Fatih Birol
said on Wednesday that global oil markets are rebalancing, with
prices of about $40 per barrel expected in coming months.
OPEC+ agreed on Wednesday to scale back oil production cuts
from August, reducing cuts by 2 million barrels per day to 7.7
million bpd through December. "Nobody could really expect OPEC+ to keep the 9.7 million
bpd curtailments into August," said Rystad Energy's senior oil
markets analyst Paola Rodriguez-Masiu. "Boosting output by 2
million bpd is not little, but the demand recovery, even though
a little slower than expected, justifies it."
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman
said production cuts in August and September would end up
amounting to about 8.1 million-8.3 million bpd, more than the
headline number.
In a sign of recovery, China's refinery daily crude oil
throughput in June climbed 9% from a year earlier, reaching its
highest level on record due to rising consumption.