Oil Prices Fall on Expectation Russia, Saudi Arabia will Raise Output

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Oil prices fell further monday, pulled down by an expectation that producer club the Organisation of Petroleum Exporting Countries (OPEC) and its allies will increase supplies.

Reuters reported that Brent crude futures, the international benchmark for oil prices, were at $73.05 per barrel, down 39 cents, or 0.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $64.24 a barrel, down 82 cents, or 1.3 per cent, from their last settlement.
The drops came after crude futures fell around three per cent on Friday, hurt by concerns about rising output and a U.S.-China trade row.

OPEC, which is de-facto led by Saudi Arabia, and some allies, including Russia have been withholding output with since the start of 2017. Producers will meet in Vienna on June 22 to decide forward production policy.

Also looming over markets was a threat by China to slap a duty on US oil imports in response to announcements by Washington of new import sanctions on China, in what many analysts say could be a serious trade stand-off between the world’s biggest two economies.