Oil prices fell to a three-week low on Wednesday with Brent set for its fifth monthly loss despite Opec-led output cuts to reduce a global glut to try shore up prices.
Output from the Organization of the Petroleum Exporting Countries (Opec) rose in May, the first monthly increase this year, a Reuters survey found, as higher supply from two Opec states exempt from a production-cutting deal, Nigeria and Libya, offset improved compliance with the accord by others.
Opec and other producers, including Russia, agreed last week to extend a deal to cut production by about 1.8 million barrels per day (bpd) from January to June until the end of March 2018. “Traders covered short positions ahead of Opec and some of these have now been re-established,” said Ole Hansen, head of commodities strategy at Saxo Bank.Read more
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