ICE Brent crude plunges 3% in early morning trade Saudis prepared to raise output to replace Russian shortfall: reports US Fed survey shows slowing growth in the economy Crude oil futures were sharply lower in mid-morning Asian trade June 2 amid reports that some OPEC producers were prepared to raise output beyond their pledged quotas as the wider OPEC+ group prepares to convene later in the day.
At 11:04 am Singapore time (0304 GMT), the ICE August Brent futures contract was down $2.26/b (1.94%) from the previous close at $114.03/b, while the NYMEX July light sweet crude contract fell $2.45/b (2.13%) at $112.81/b. Media reports indicated that Saudi Arabia has told Western leaders that the country is prepared to raise output beyond its pledged quota to make up for the shortfall in Russian supply. This follows […]