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Oil continues to fall amid concerns about increased production
Follow - up / ... Oil prices continued falling in trading on Wednesday, with growing concerns about the impending increase production by Saudi Arabia and Russia, in light of the expected shortage of supplies.
Saudi Arabia and Russia are looking to increase oil production from within and outside the Organization of the Petroleum Exporting Countries (OPEC) by about 1 million barrels a day to offset a potential shortfall in the supply of Venezuela and Iran.
Energy ministers from Saudi Arabia, the United Arab Emirates and Kuwait are set to meet on Saturday to discuss issues related to the Organization of the Petroleum Exporting Countries (OPEC), about a week after Riyadh and Moscow discussed easing output restrictions.
By 0430 GMT, London Brent crude futures for July delivery fell 0.58 percent, or 44 cents, to $ 74.95 a barrel.
US crude futures were down 0.27 percent, or 18 cents, at $ 66.55 a barrel.
The US Energy Information Administration (EIA) is expected to announce later today the official data for US crude inventories
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