Oil headed for its longest run of losses since February as Saudi Arabia and Russia mull easing curbs on crude production in place since early last year.
Futures in New York traded down 1.2 percent from the close Friday. There was no settlement Monday because of the U.S. Memorial Day holiday and all trades will be booked Tuesday. Saudi Arabia and Russia last week signaled they may restore some of the output halted as part of a deal between OPEC and its allies, amid growing supply concerns.
West Texas Intermediate for July delivery traded down 81 cents to $67.07 a barrel on the New York Mercantile Exchange at 9:25 a.m. in Tokyo. Prices dropped $2.83 to $67.88 on Friday, the biggest loss since July 5.
Brent futures for July settlement added 58 cents, or 0.8 percent, to $75.88 a barrel on the London-based ICE Futures Europe exchange. Prices on Monday lost $1.14 to $75.30. The global benchmark crude traded at a $8.74 premium to WTI for the same month.
Source : Bloomberg