Oil prices decline on output rumours

13:07 5 June 2018
Oil prices are under major pressure on Tuesday with Brent (instrument OIL) declining as much as 2% and WTI (OIL.WTI) shedding 1% on rumours that the US urged Saudi Arabia to increase output by 1mbd. Oil traders anticipate the OPEC meeting later this month and there were speculations that the Cartel could relax output restrictions somewhat. The US might be interested in mitigating market impact of a return of sanctions on Iran that could see Iranian exports lowered by exactly around 1mbd.

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