Oil Falls From 15-Month High Amid Questions on Russian Stance
- Rosneft, Lukoil express different views on supply management
- Crude market to rebalance faster if OPEC implements deal: IEA
Goldman's Currie: Higher Likelihood of an OPEC Agreement
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Oil slipped from a 15-month high in New York amid uncertainty over whether Russia would join an OPEC deal to curb supply.
Futures fell 1.1 percent. Russia’s biggest producer Rosneft PJSC said it won’t cut output, according to Reuters, after President Vladimir Putin said at a conference in Istanbul that his nation is willing to join efforts by OPEC to stabilize the market through a production freeze or cut. Supply and demand will come back into balance earlier than expected if OPEC’s accord to trim output is implemented, the International Energy Agency said. Price declines accelerated as the dollar climbed, curbing the appeal of commodities.