Oil fears that Russia can not increase its production

Oil prices fall sharply on Monday as part of a long-awaited meeting between US President Donald Trump and Russian President Vladimir Putin, one of whose topics should be the increase in oil production. oil. In addition, reports that Saudi Arabia would have offered additional oil to some customers weigh on the goods.

At 0800 GMT, WTI oil for August fell 1.62% to 69.87 dollars a barrel, on the New York Mercantile Exchange (NYMEX), and Brent for September was down 2.02%, at $ 73.81 per barrel on ICE.

Trump and Putin meet Monday in Helsinki, Finland. Under pressure from Trump for oil-producing countries to increase production at lower prices, the market speculates that Russia will announce a willingness to push production further to fill supply gaps in the global market, According to Thomas Pugh, Economist of Raw Materials at Capital Economics

Putin has a "fair chance" of pledging to increase oil production to a higher level than Russia agreed last month in coordination with the company. 39 Organization of Petroleum Exporting Countries (OPEC), said Pugh.

At the same time, reports showed that Saudi Arabia would have offered additional oil to two customers in Asia. In addition, it is speculated that the United States could move to release more barrels of oil from its strategic oil reserves. "The government is under increasing pressure from rising gasoline prices, with average gasoline prices rising nearly 16% since the beginning of the year," according to the report. ING Bank analysts. Source: Dow Jones Newswires