Tokyo/London — Oil prices halted their rally on Monday with Brent futures falling below $71 a barrel on signals that Russia may exit production cuts. Losses were limited by a tightening of global supplies, as output has fallen in Iran and Venezuela amid signs the US will further toughen sanctions on those two Opec producers. Brent crude futures were at $70.95 a barrel at 10.50am GMT, down 60c, or 0.85%, having hit their highest since November 12 on Friday at $71.87. US West Texas Intermediate crude futures were at $63.30 a barrel, down 59c or 0.93%. “I would expect oil to trade in a relatively tight band around $70 for the time being,” said Virendra Chauhan, oil analyst at Energy Aspects in Singapore, pointing to differing signs from the US and Opec on future supply. “Leading edge indicators on US supply suggest activity levels are stepping up, which is supportive for strong production growth in the second half,” Chauhan said. But at the same time, “murmurings from various ministers...

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