Oil prices extend steep falls as Saudi Arabia and Russia consider raising output
Singapore — Oil prices slumped on Monday, extending steep declines from Friday, as Saudi Arabia and Russia said they may increase supplies and as US production gains show no signs of abating. Brent crude futures were at $75.09 a barrel at 4.52am GMT, down $1.35, or 1.8%, from their last close. US West Texas Intermediate (WTI) crude futures were at $66.22 a barrel, down $1.66 or 2.5%. Brent and WTI have fallen by 6.4% and 9.1% respectively from peaks touched earlier in May. In China, Shanghai crude oil futures tumbled by 4.8% to 457.7 yuan ($71.64) a barrel. The Organisation of the Petroleum Exporting Countries (Opec), as well as top producer Russia, which is not an Opec member, started withholding supplies in 2017 to tighten the market and prop up prices, which in 2016 fell to their lowest in more than a decade at less than $30 per barrel. But prices have soared since the start of the cuts last year, with Brent breaking through $80 a barrel earlier in May, triggering concern that hi...
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