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decline in oil prices globally[/size]
Twilight News
2 hours ago
decline in oil prices globally[/size]
Twilight News
2 hours ago
Oil prices fell on Monday to continue their sharp fall on Friday, as Saudi Arabia and Russia say they may increase supplies while there is no sign of slowing US production growth.
Brent crude futures were $ 75.09 a barrel, down $ 1.35, or 1.8 percent, from the previous close.
US WTI futures traded at $ 66.22 a barrel, down $ 1.66 or 2.5 percent.
Both contracts fell 6.4 percent and 9.1 percent, respectively, from the peak they touched earlier this month.
The Organization of the Petroleum Exporting Countries (OPEC), as well as Russia's largest non-OPEC producer, began curbing supply in 2017 to narrow the gap between market supply and demand and price support, which fell in 2016 to its lowest level in more than 10 years at less than $ 30 a barrel.
But prices have risen since last year's cuts, above $ 80 a barrel earlier in May, raising concerns that rising prices could hinder economic growth and fuel inflation.
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