Oil falls as OPEC and Russia plan to raise output
Date
5/28/2018 3:23:22 AM
(MENAFN) Oil prices fell on Monday, extending steep declines from Friday, as Saudi Arabia and Russia said they may increase supplies and as US production gains show no signs of abating.
Brent crude futures LCOc1 were at USD75.09 per barrel at 0452 GMT, down USD1.35, or 1.8 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at USD66.22 a barrel, down USD1.66, or 2.5 percent, while Brent and WTI have fallen by 6.4 percent and 9.1 percent respectively from peaks touched earlier in May.
Chief economist at US bank Morgan Stanley said: "The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth."
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