Oil prices edged lower on Monday after international benchmark Brent hit a fresh...
TOKYO - Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies kept prices well supported.
U.S. West Texas Intermediate crude futures were at $63.63 per barrel, down 26 cents, or 0.4 percent, from their last settlement. The Organization of the Petroleum Exporting Countries and its allies meet in June to decide whether to continue withholding supply. OPEC, Russia and other producers, are reducing output by 1.2 million bpd from Jan. 1 for six months.
OPEC’s de facto leader, Saudi Arabia, is considered keen to keep cutting, but sources within the group said it could raise output from July if disruptions continue elsewhere.
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