Oil prices have fallen amid growing US supplies
29/5/2018 12:00 am
Oil prices tumbled on Monday, continuing their sharp fall on Friday, as Saudi Arabia and Russia say they may increase supplies while there is no sign of a slowdown in US output growth.
By 0452 GMT, global crude futures for Brent crude were $ 75.09 a barrel, down $ 1.35, or 1.8 percent, from the previous close.
US West Texas Intermediate crude futures were $ 66.22 a barrel, down $ 1.66 or 2.5 percent.
The contracts fell 6.4 percent and 9.1 percent, respectively, from the peak they touched earlier this month.
In Shanghai, Shanghai crude futures fell 4.8 percent to 457.7 yuan ($ 71.64) a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and Russia, the world's largest and non-OPEC producers, began curbing supply in 2017 to narrow the gap between supply and demand in the market and support prices, which fell in 2016 to their lowest level in over 10 years at less than $ 30 per barrel .
But prices have risen since last year's cuts, to surpass Brent $ 80 a barrel earlier this month, raising concerns that rising prices could hinder economic growth and fuel inflation.
Saudi Arabia, OPEC's biggest producer and Russia, the world's largest producer, said on Friday they were discussing increasing oil production by about 1 million bpd.[/rtl]