Oil futures were under pressure Monday, pulling back from five-month highs notched last week, after Russia’s finance minister said his country and OPEC may decide to boost output to fight for market share with the U.S.
West Texas Intermediate for May delivery, the U.S. benchmark crude, on the New York Mercantile Exchange fell 59 cents, or 0.9%, to $63.30 a barrel. The global benchmark, June Brent crude was off 61 cents, or 0.9%, at $70.94 a barrel.
The Organization of the Petroleum Exporting Countries and its allies, primarily Russia, agreed to reduce output by 1.2 million barrels a day for six months beginning Jan. 1. OPEC and its allies are set to meet near the end of June. The reduction in output has been credited with helping to fuel a sharp rally that’s taken WTI, up by around 40% so far this year, while Brent has soared nearly 32%.
Source : Marketwatch