Oil prices fall as Saudi, Russia plan to boost supplies

28/05/2018 Argaam

 

Oil prices fell on Monday, heading for the longest run of losses in almost four months, amid talks between Saudi Arabia and Russia to increase output.

 

Brent crude was trading down 1.84 percent at $75.03 per barrel (bbl), while US West Texas Intermediate (WTI) crude futures fell 2.47 percent to $66.20/bbl.

 

On Friday, Saudi Arabia and Russia said they were discussing raising oil production by some 1 million barrels per day after US President Donald Trump complained about "artificially" high prices last week.

 

The OPEC and non-OPEC member Russia started withholding supplies in 2017 to prop up prices, which fell to a more than a decade low of under $30 per barrel in 2016.

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