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Oil prices are falling with Iran hinting to support OPEC production increase
Oil prices fell on Thursday as Iran hinted it could support a small increase in OPEC crude output, which could pave the way for an OPEC deal to increase supply at Friday's meeting.
But a limit to price losses, a strong US demand for fuel, has been seen in refinery operating rates, strong travel data and a sharp drop in crude inventories.
US crude futures at $ 74.34 a barrel were down 40 cents at 0605 GMT, 0.5 percent below their previous close.
US crude <LCOc1> was at $ 65.50 a barrel, down 21 cents, or 0.3 percent.
Iran, a key supplier to the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday it might agree to a small increase in production at the OPEC meeting in Vienna on June 22 with Russia, the largest non-member of the Organization.
"There seems to be an atmosphere of confidence that this deal will go ahead," said Stephen Ennis, head of Asia-Pacific trading at brokerage firm Oanda in Singapore.
"We expect Opec and Russia to gradually increase supply in the market by next year, which will compensate for most of the supply loss in Venezuela of around 1 million bpd," Barclays said.
Tehran has resisted pressures from Saudi Arabia, OPEC's biggest producer, to increase supplies.
But even as Iran returns to the ranks, analysts do not expect a smooth meeting of OPEC.
"Our expectations are for a very tense, divided and geopolitical meeting between OPEC and non-members," Japan's Mitsubishi UFJ Financial Group said in a note to customers.
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