Oil edged lower on Tuesday, pressured by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall. Brent crude futures LCOc1 were down 6 cents at $75.24 a barrel by 0848 GMT. The price has fallen by nearly 7 percent since hitting a 2014 high above $80 on May 22. U.S. West Texas Intermediate (WTI) crude CLc1 fell $1.39 to $66.49 a barrel. “Investors have started pricing in the likelihood of Saudi Arabia and Russia increasing crude oil production,” ANZ Bank said in a note. “However, doubt remains, with any agreement to be finalised at the June OPEC meeting.” Concerns that Saudi Arabia and Russia could boost output have exerted downward pressures on oil prices, along with […]