London — Oil edged lower on Tuesday, pressured by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall. Brent crude futures were down six US cents at $75.24 a barrel by 8.48am GMT. The price has fallen by nearly 7% since hitting a 2014 high above $80 on May 22. US West Texas Intermediate (WTI) crude fell $1.39 to $66.49 a barrel. "Investors have started pricing in the likelihood of Saudi Arabia and Russia increasing crude oil production," ANZ Bank said in a note. "However, doubt remains, with any agreement to be finalised at the June Opec meeting." Concerns that Saudi Arabia and Russia could boost output have exerted downward pressures on oil prices, along with rising oil production in the US. Saudi Arabia and Russia have discussed raising Opec and nonOpec oil production by 1-million barrels per day ) to counter potential supply shortfalls from Venezuela and Iran. "The oil market has moved from ample to tight supply in recent...
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