Move to boost production to fight for market share with the US
Sydney — Oil prices edged down on Tuesday after a Russian minister said the nation and Opec may boost crude output to fight for market share, checking a recent sharp rally driven by tighter global production.
US West Texas Intermediate crude futures were at $63.39 per barrel, down 2c, or 0.1%, from their previous settlement. WTI fell 0.8% on Monday. “There is a growing concern that Russia will not agree on extending production cuts and we could see them officially abandon it in the coming months,” said Edward Moya, senior market analyst, OANDA.
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