Oil Trades Below $68 as Investors Assess Mixed Supply Outlook
- Russia sees no grounds for reducing oil production, Novak says
- WTI drops as much as 0.5%, after falling 2.2% last week
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Oil traded below $68 a barrel as traders assessed mixed supply signals from producers.
Futures in New York dropped as much as 0.5 percent after falling 2.2 percent last week. Russia suggested on Saturday the country may keep its output at the current level above the Soviet-era record or raise production further, and warned of a potential supply shortage. That’s just days after the Organization of Petroleum Exporting Countries and its allies signaled they could cut output in 2019.