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Crude oil prices dip due to record rise in US output, higher OPEC supplies

Saudi Arabia, effective leader of the OPEC and Russia have discussed boosting output to compensate for supply losses from Venezuela

Reuters  |  Singapore 

Brent crude oil futures dipped for a second session on Monday, with prices coming under pressure from record U.S. output and expectations of higher OPEC supplies. Global benchmark Brent was down 12 cents, or 0.16 percent, at $76.67 a barrel by 0159 GMT. "Crude oil remained under pressure as the market remained focused on the discussion between OPEC members about whether they should increase production later this year," ANZ said in a note. "In the U.S., the data also presented a gloomy picture. Crude oil production rose to another record, while drilling activity ...

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First Published: Mon, June 04 2018. 11:29 IST