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6/16, 2:36 PM (Source: TeleTrader)
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Crude drops after Russia hints at output increase

Prices of crude oil fell on Thursday after Russian Deputy Prime Minister Alexander Novak said the country will likely increase its oil output in July in anticipation of a rise in exports. He expressed confidence that Russia will be able to restore production to pre-crisis levels but warned crude prices could rise further before the end of the year.

West Texas Intermediate (WTI) for settlements in July dropped by 1.55% to sell for $113.57 per barrel at 8:24 pm ET, while Brent for deliveries in August declined by 1.43%, going for $116.83 per barrel a minute later.

Baha Breaking News (BBN) / DJ