UPDATE 9-Oil falls 3% despite OPEC+ cuts as Gulf ends voluntary curbs

* OPEC+ cuts extended to end-July
* Saudi Arabia, UAE and Kuwait to halt additional cuts
* China's May crude imports hit record 11.3 mln bpd
* OPEC+ cuts for May and June: https://tmsnrt.rs/2SsCSMN

(Adds settlement prices)
By Scott DiSavino
NEW YORK, June 8 (Reuters) - Oil fell more than 3% on Monday
after OPEC+ nations agreed to extend output cuts, but Saudi
Arabia and two other Gulf producers said they would not maintain
supplemental reductions that amount to more than a million
barrels of daily supply.
Brent crude fell, breaking a seven-day streak of gains.
Brent futures LCOc1 fell $1.50, or 3.6%, to settle at $40.80 a
barrel. U.S. West Texas Intermediate crude (WTI) CLc1 ,
meanwhile, fell $1.36, or 3.4%, to $38.19.
The Organization of the Petroleum Exporting Countries,
Russia and other producers agreed in April to cut supply by 9.7
million barrels per day (bpd) in May and June to support prices
as coronavirus lockdowns caused demand to collapse.
The group, known as OPEC+, agreed on Saturday to sustain
those cuts, equal to about 10% of global supply, through July.
However, Saudi Energy Minister Prince Abdulaziz bin Salman
said on Monday that the kingdom and Gulf allies Kuwait and the
United Arab Emirates would not continue an additional 1.18
million bpd in reductions. "It would be too good to be true to have a total of nearly
11 million bpd in voluntary cuts extended for a month at times
when we see supply deficits," said Bjornar Tonhaugen, analyst at
Rystad Energy.
U.S. shale producers, meanwhile, have started to reopen
closed wells as prices have rebounded. Analysts said this could undercut the fragile demand
recovery, and undermine OPEC's efforts to shore up prices. Saudi
Arabia, in addition, raised prices for its crude, anticipating
stronger demand.
"U.S. production is returning to the market, and there is
speculation that the huge increase in Saudi (prices) will kill
already struggling refiner margins in Asia," said Bob Yawger,
director of energy futures at Mizuho in New York.
China, the world's largest crude importer, said purchases
hit a record high of 11.3 million bpd in May.