Singapore : Oil prices fell as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017.
Brent crude futures were at $78.43 per barrel at 0657 GMT, down 36 cents, or 0.5 percent, from their last close, and 2.6 percent below the $80.50 multi-year high they reached on May 17.
Brent broke through $80 for the first time in more than three years earlier in May.
U.S. West Texas Intermediate (WTI) crude futures were at $70.44 a barrel, down 27, or 0.4 percent, cents from their last settlement.
"Oil prices are now starting to drift a little," said Greg McKenna, chief market strategist at futures brokerage AxiTrader, adding that this was due to Organization of the Petroleum Exporting Countries (OPEC) and Russia´s "moves toward an increase in production" at a meeting scheduled for next month.
Sheikh argued that the government should have maintained stable petroleum prices
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