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Oil prices fell slightly on Tuesday after a Russian minister said that the country and OPEC could boost crude oil production in order to fight to conquer market share, thus curbing the strong recovery recently caused by the tightening of world production.
Brent crude futures were trading at $ 71.08 a barrel at 01111 GMT, down 10 cents or 0.1% from their last close. Brent finished down 0.5% on Monday.
The US WTI (US West Texas Intermediate) futures price was $ 63.39 per barrel, down 2 cents or 0.1% from their previous settlement. WTI fell 0.8% on Monday.
Russian Finance Minister Anton Siluanov said over the weekend that Russia and OPEC could decide to boost production in order to fight to conquer market share with the United States.
"There is growing concern that Russia will not accept the extension of production cuts and we could see them officially abandoning them in the coming months," said Edward Moya, senior badyst. market at OANDA.
The Organization of Petroleum Exporting Countries and its allies, including Russia, called OPEC +, will meet in June to decide whether or not to retain the supply withholding. This comes after they previously agreed to reduce their production by 1.2 million barrels a day starting January 1 for six months.
The losses were offset by a tightening of stocks from Iran and Venezuela, while the United States would tighten sanctions against these two OPEC producers and fear that the resumption of fighting will remove crude oil production in Libya.
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