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Oil wrinkles as Saudi Arabian and Russian ministers signal an increase in production



The oil in New York went down in almost four months to the longest series of losses. Saudi Arabia and Russia said they would increase production to alleviate consumer concerns after prices rose again in 2014.

West Texas Intermediate Falls As much as 3.1 percent, while Brent crude futures were trading above $ 80 a barrel last week, collapsed to close to $ 75 on Monday in London. Saudi Arabia and Russia signaled that they will restore part of their production under an agreement between OPEC and its allies, which entered into force in January last year. The potential resistance of several manufacturers could complicate the group's efforts to reach consensus when it meets in Vienna next month.

Oil rose to a 3 1/2-year high in early May after US President Donald Trump opted for a renewal of sanctions against Iran and a drastic impoverishment of Venezuelan production stoked concern over disruptions. The Organization of Petroleum Exporting Countries and their Partners are said to have reduced their market surplus despite record US production, a possible step towards relief cuts that surpass the group's goals.

"It has always been difficult to announce when production cuts should be eased," said Ole Sloth Hansen, head of commodity research at Saxo Bank A / S in Copenhagen. "Oil was already on the defensive."

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