Oil Slips After Saudi-Russian Revival Talk `Popped the Bubble'
- U.S. benchmark settles at the lowest level in six weeks
- WTI crude closes below key 50-day moving average level
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Crude fell for a fifth straight day as the market weighs the prospects of rising production from Saudi Arabia and Russia.
Futures fell 1.7 percent in New York to their lowest level in six weeks. Saudi Arabia and Russia last week signaled they may restore some of the output they’ve curbed since late 2016 as they sought to drain a global glut. Now the market is awaiting a meeting of OPEC and its partners in Vienna set for late June to find out if those limits will remain.