Oil slips a bit further as Saudia Arabia and Russia hint at lifting production
London — Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while US production gains show no signs of slowing. Brent crude futures stood at $75.35 a barrel at 9.13am GMT, down $1.09 from the previous close and after touching a three-week low of $74.49 earlier in the session. US West Texas Intermediate (WTI) crude futures were at $66.69, down $1.19, after hitting a six-week low of $65.80. Oil cartel Opec and other producers led by Russia began withholding 1.8-million barrels per day of supplies in 2017 to tighten the market and prop up prices that fell to their lowest in more than a decade in 2016 at less than $30 a barrel. Prices have soared since the start of the cuts last year, with Brent breaking through $80 earlier in May, triggering concerns that high prices could crimp economic growth and stoke inflation. "The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global g...
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