Oil falls about 1% on concerns Opec could wind down its output curbs
Opec and non-Opec members may ease cuts ‘softly’, which will be discussed when they meet next month; the dollar falls after Trump scraps North Korea summit, which was supportive for oil
New York — Oil prices fell about 1% on Thursday, with expectations building that oil cartel Opec could wind down the output deal in place since the start of 2017, due to supply concerns out of Venezuela and Iran. Brent crude futures fell 61c, or 0.8%, to $79.19 a barrel by 3.24pm GMT. US West Texas Intermediate (WTI) crude futures fell 67c to $71.17 a barrel, a 0.9% loss. Opec may decide in June to lift output to make up for reduced supply from Venezuela and Iran, the latter, in part, due to the US decision to withdraw from the Iran nuclear arms control deal, Opec and oil industry sources told Reuters. Russian energy minister Alexander Novak said production cuts could be eased "softly" if Opec and non-Opec countries see the oil market balancing in June, the Interfax news agency reported. Russia and Saudi Arabia have a common position on the future of the oil output cut deal, Novak told Interfax news agency, though he said the deal would stay in place for now. Russia’s Lukoil said th...
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