Singapore — Oil prices eased on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel Opec since 2017. Brent crude futures were at $78.69 a barrel at 2.08am GMT, down 10c from their last close and more than 2.2% below the $80.50 November 2014 high they reached on May 17. Brent, the global benchmark, broke through $80 for the first time in more than three years earlier in May. US West Texas Intermediate (WTI) crude futures were at $70.62 a barrel, down 9ce from their last settlement. "Oil prices are now starting to drift a little," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. This was due to Opec’s and Russia’s "moves towards an increase in production at the June meeting". The Middle East-dominated Organisation of the Petroleum Exporting Countries (Opec) as well as a group of non-Opec producers led by Russia started withholding output in 2017 to tighten the market and prop up prices. But ...
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