Singapore — Oil prices fell on Tuesday on the expectation that producer cartel Opec and key ally Russia will gradually increase output after withholding supplies since 2017.The escalating trade dispute between the US and China, in which both sides have threatened stiff tariffs on each others’ key export goods, also kept markets on edge and triggered a sharp sell-off in Chinese shares. The Shanghai stock index slid below 3,000 points for the first time in nearly 21 months.Brent crude futures were at $74.90 a barrel at 2.41am GMT, down 44c, or 0.6%, from their last close.US West Texas Intermediate (WTI) crude futures were at $65.55 a barrel, down 30c, or 0.5%. Opec, together with a group of non-Opec producers including Russia, started withholding oil supplies in 2017 to prop up prices.Following a sharp increase in crude prices from their sub-$30 a barrel lows in 2016, the group on June 22 will meet in Vienna, Austria, to discuss forward policy.Greg McKenna, chief market strategist at ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.