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Oil Extends Slump as Saudi Arabia, Russia Signal Output Increase

  • OPEC and allies conclude that surplus was eliminated in April
  • Drop follows WTI’s biggest loss in 11 months on Friday
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Russian Energy Minister Alexander Novak says a June policy shift has always been on the table.Source: Bloomberg
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Oil in New York headed for its longest run of losses in more than three months as Saudi Arabia and Russia consider raising output.

Futures dropped as much as 3.1 percent on Monday, following a 4 percent slump Friday. Saudi Arabia and Russia have signaled they’ll restore some of their curtailed output after OPEC and allied producers concluded they’ve succeeded in draining a global glut.