Oil Slips on Signs Russia Boosted Crude Output Before OPEC Meets

Futures dropped 1.1 percent in New York after a third weekly loss. Russia, which along with Saudi Arabia is trying to garner support for lifting output limits, was said to have boosted production earlier this month to above the level envisioned by OPEC. Meanwhile, the number of rigs drilling for crude in the U.S. inched higher, signaling output may extend a record.

Saudi Arabia and Russia, among the countries with spare capacity to raise production, signaled last month they may restore output even though they hadn’t yet consulted most other producers. Oil prices have fallen more than 7 percent since the two nations made their proposal public.

Russia increased oil output to 11.1 million barrels a day during the first week of June, Interfax reported, citing a person it didn’t name. That’s above the 10.95 million-barrel level envisioned by the country’s agreement with OPEC and allies.
more at source: https://www.msn.com/en-us/finance/markets/oil-slips-on-signs-russia-boosted-crude-output-before-opec-meets/ar-AAytTjF