Oil prices mixed but expected output increase drags


Oil prices mixed but expected output increase drags

Oil prices were mixed in early Asian trading on Tuesday, but remained 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.

“Investors have started pricing in the likelihood of Saudi Arabia and Russia increasing crude oil production,” ANZ Bank said in a note.

“However, doubt remains, with any agreement to be finalised at the June OPEC meeting.”

Concerns that Saudi Arabia and Russia could boost output have put downward pressures on oil prices, along with rising oil production in the United States.

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