In Asia oil declines on profit-taking

On Tuesday, oil slumped in Asia on profit-taking, and in careful trade after a terrible explosion at a concert venue in Manchester was supposed to be a terror attack with news suggesting that the authorities are considering rescheduling the June 8 surveys for the parliament.

In New York, June delivery crude futures declined 0.33%, trading at $50.96 a barrel. Meanwhile, in London, Brent futures tumbled 0.35%, getting to $53.68 a barrel.

Overnight, oil futures tacked on amid ascending hopes that OPEC members are going to agree to extend their output drops, after Iraq backed Saudi Arabia’s view that output drops should be extended at least until March 2018.

On Monday, oil inched up because expectations grew for an extension of the supply-cut agreement, right after on Monday Iraqi Oil Minister Jabar Ali al-Luaibi announced that he agreed with Saudi Arabia on the necessity to extend OPEC crude output dips for nine months.

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