The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
American crude sags on increased drilling
On Monday, American crude prices went down, easing from two-year maximums on the prospect of rising US output. However, global markets were a bit better backed by hopes that an OPEC-led supply cut is going to be extended.
American West Texas Intermediate crude futures hit $58.68 a barrel, sliding 0.5% from their previous settlement. As for Brent crude futures, they lost 4 cents being worth $63.82 a barrel.
American crude output has inched up by 15% since mid-2016 to about 9.66 million barrels a day, which is not far from leading producers Saudi Arabia and Russia. Besides this, increasing drilling activity for fresh production means output is believed to keep rising, as market experts told.
The previous week American energy companies added crude rigs. The monthly rig count added for the first time since July, hitting up to 747 active rigs because crude producers are generally attracted by soaring oil prices.
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