Oil retreats from 5-month high as Russian official talks of potential bid for greater crude share

Oil futures were under pressure Monday, pulling back from five-month highs notched last week, after Russia’s finance minister said his country and OPEC may decide to boost output to fight for market share with the U.S.

“There is a dilemma. What should we do with OPEC: should we lose the market, which is being occupied by the Americans, or quit the deal?” Russian Finance Minister Anton Siluanov was quoted as saying Saturday by the TASS news agency, according to Reuters. Siluanov said such a move could drive the price of oil to $40 a barrel or below, the report said.
more at source:https://www.marketwatch.com/story/oil-retreats-from-5-month-high-as-russian-official-talks-of-potential-bid-for-greater-crude-share-2019-04-15

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