Oil declined from the highest settlement in 11 weeks on signs Russia was planning to start easing supply cuts from July, while tensions between the U.S. and China escalated amid the specter of sanctions. Futures fell 1.7% in New York after closing above $34 a barrel for the first time since March. Moscow wants to scale back curbs in line with the OPEC+ deal, according to people familiar with the matter, but a Kremlin spokesman said that Russia would analyze the market before making a decision. Meanwhile, U.S.-China relations have deteriorated further as Washington considered sanctions to punish Beijing for its crackdown on Hong Kong. At the same time, the outlook for the physical oil market continued to improve. Nigeria and Algeria have lifted the official […]