Singapore — Oil prices fell on Thursday as Iran signalled it could be won over to a small rise in Opec crude output, potentially paving the way for the producer cartel to agree a supply increase during a meeting on Friday. However, prices were prevented from dropping further by robust US fuel demand seen in record refinery runs, strong travel data and a large decline in crude inventories. Brent crude futures were at $74.33 a barrel at 4.2am6 GMT, down 41c, or 0.55%, from their last close. US West Texas Intermediate (WTI) crude futures were at $65.50 a barrel, down 21c, or 0.3%. Iran, a major supplier within Opec, signalled on Wednesday it could agree on a small increase in the group’s output during a meeting to be held at Opec’s headquarters in Vienna on June 22 together with non-Opec member but top producer Russia. "There appears to be an air of confidence that this deal will move through," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore...
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