Oil prices mixed, but pressure persists from plan to raise production
Brent crude is trading mildly higher while US WTI crude has taken another tumble
Seoul — Oil prices were mixed in Asian trading on Tuesday, but remained under pressure from expectation that Saudi Arabia and Russia will start pumping more crude to ease a potential shortfall in supply. Brent crude futures were up 31c or 0.41% at $75.61 a barrel at 2.13am GMT, after settling at their lowest since May 8 at $75.30. US West Texas Intermediate (WTI) crude was down $1.05 or 1.55% at $66.83 a barrel, sitting near its lowest since April 17. "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." Concern that Saudi Arabia and Russia could boost output has put downward pressures on oil prices, as has rising oil production in the US. Saudi Arabia and Russia have discussed raising Opec and non-Opec oil production by about 1-million barrels a day to make up potential supply shortfalls from Venezuela and Iran. The...
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