US crude ticks up as OPEC says oil market outlook is uncertain

Oil prices were mixed on Tuesday, with U.S. crude gaining and Brent crude slumping, as investors prepared for a key meeting of the OPEC producer group next week.

Crude future were in line with the broader financial markets, which were largely unruffled by a U.S.-North Korea summit aimed at the denuclearization of the Korean peninsula.

OPEC and other producing countries including Russia have cut oil output by 1.8 million barrels per day (bpd) since January 2017 in an effort to boost the market. The group holds its next meeting on June 22-23, and is expected to decide on future supply policy.

With U.S. sanctions threatening to cut Iranian exports and the potential for more declines in Venezuelan production, OPEC kingpin Saudi Arabia and Russia have indicated they would be willing to raise output to make up for any supply shortfall.
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