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Oil Prices Trade Lower Amid Reports that Russia Wants to End Output Restraint

Published 04/16/2019, 01:23 AM
© Reuters.

Investing.com - Oil prices traded lower on Tuesday in Asia on reports that Russia wants to end the current deal on output restraint in June.

Crude Oil WTI Futures slipped 0.1% to $63.34 by 1:20 AM ET (05:20 GMT), while Brent crude, the global benchmark, was down 0.2% to $71.03.

Oil prices have jumped more than 30% so far in 2019, mainly due to a deal by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to curb oil production by 1.2 million barrels per day from January for six months.

Moscow has in the past indicated reluctance to continue with output cuts beyond June, given its worries about losing market share to U.S. crude if it were to extend those cuts.

Instead, Russia and OPEC may decide to boost production to fight for market share with the U.S., Russian Finance Minister Anton Siluanov said over the weekend. The move could send oil prices to as low as $40 per barrel, Reuters said citing analysts.

OPEC and its allies will meet in June to decide whether to continue withholding supply.

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