Oil dips on rising OPEC production

Oil prices tumbled on Tuesday after OPEC countries hinted at the rise of production. The prices fell as Saudi and Russia hinted at increasing output in the coming months.

Brent crude futures, the international benchmark for oil prices, were at $78.05 per barrel at 0021 GMT, down 29 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $65.63 a barrel, down 22 cents, or 0.3 percent.

OPEC plus Russia had mutually agreed to cut output during the late 2017 in a bid end a global oil supplies glut and to help prop up oil prices.

Investors are warning that the OPEC is fracturing as members decide to go on their own ways. Saudi and Russia have decided to ramp up production during the coming quarter. However, Iran, Venezuela, and Iraq are fighting to continue production cuts.

Posted on: 2018-06-19T12:41:00+05:00