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Oil prices mixed as expected output increases from Russia, Saudi Arabia drag

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Oil prices were relatively mixed during the day today, but remained significantly under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.

Brent crude futures were up 57 cents, or 0.76 percent, at $75.87 a barrel at 0028 GMT, after settling at their lowest since May 8 at $75.30.

U.S. West Texas Intermediate (WTI) crude was down 80 cents, or 1.18 percent, at $67.08 a barrel. It finished the last session at its lowest closing price since April 17 at $66.47 per barrel.

Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by some 1 million barrels per day to make up potential supply shortfalls from Venezuela and Iran.

The Organization of the Petroleum Exporting Countries (OPEC) are due to meet in Vienna on June 22.

Oil prices in the global market were headed for its longest run for the first time in three months after Saudi Arabia and Russia informed the market that they are considering raising output in the coming months.

Oil Future dropped as much as 3.1 percent yesterday, right after the four percent slump on Friday last week.

Furthermore, the Russian Oil Minister while addressing the press informed that the OPEC is not eyeing to overheat the market by capping output further. He said that Russia and Saudi Arabia are currently considering a raise in output in the current month to contain global oil prices in an acceptable spot.

After oil prices reached their three year high, they are

Posted on: 2018-05-29T11:34:00+05:00