Oil slumps as OPEC, Russia look to raise output amid U.S. surge [Reuters]
Morgan Stanley (MS)
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Source: Reuters
Oil slumps as OPEC, Russia look to raise output amid U.S. surge | Reuters 3 Min Read SINGAPORE (Reuters) - Oil prices slumped on Monday, extending steep declines from Friday, as Saudi Arabia and Russia said they may increase supplies and as U.S. production gains show no signs of abating. Brent crude futures LCOc1 were at $75.09 per barrel at 0452 GMT, down $1.35, or 1.8 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $66.22 a barrel, down $1.66, or 2.5 percent. Brent and WTI have fallen by 6.4 percent and 9.1 percent respectively from peaks touched earlier in May. In China, Shanghai crude oil futures ISCc1 tumbled by 4.8 percent to 457.7 yuan ($71.64) per barrel. The Organization of the Petroleum Exporting Countries (OPEC), as well as top producer but non-OPEC member Russia, started withholding supplies in 2017 to tighten the market and prop up prices, which in 2016 fell to their lowest in more than a decade at less than $30 per barrel. But pri
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