Oil prices mixed amid worries over growing supplies


—Photo by Reuters

TOKYO: Oil prices were mixed in early Asian trade on Wednesday, with worries that Saudi Arabia and Russia will pump more crude weighing on the market.

Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.

Brent crude LCOc1 was down 1 cent at $75.38 a barrel by 0015 GMT, after settling up 9 cents on Tuesday.

U.S. West Texas Intermediate crude CLc1 was up 13 cents, or 0.2 percent, at $66.86 a barrel, having earlier settled down $1.15.

The Organization of the Petroleum Exporting Countries is due to meet in Vienna on June 22.

Falling stocks and a stronger U.S. dollar index also weighed on oil prices. U.S. stock markets sank more than 1 percent, while the dollar wobbled at a 10-month high against the euro. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies.

U.S. oil got some support as U.S. crude inventories likely fell by 1.8 million barrels last week, a preliminary Reuters poll showed on Tuesday.

Industry group American Petroleum Institute (API) releases its weekly oil data at 2030 GMT, followed by the report by U.S. Energy Department’s Energy Information Administration on Thursday, both delayed a day because of the federal Memorial Day holiday on Monday. —Reuters