Oil Dips As U.S. And Russian Supplies Grow, But Market Eyes Singapore Summit

Oil prices fell on Monday, pulled down by rising Russian production and U.S. drilling activity creeping to its highest in more than three years.

However, many analysts were looking less at markets and more at politics as U.S. President Donald Trump and North Korean leader Kim Jong Un have both arrived in Singapore for a summit on Tuesday that may lay the groundwork for ending a nuclear stand-off between the old foes.

Back in oil markets, analysts expect surging U.S. output to start offsetting efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to withhold production, which have been in place since early 2017 and have pushed up prices significantly in the first half of this year.

Brent crude futures were at $76.18 per barrel at 0639 GMT, down 28 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 18 cents, or 0.3 percent, at $65.56 a barrel.

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