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Oil Declines as Libya Urges OPEC+ to Accelerate Supply Boost

  • Russian oil output may drop by a quarter next month, IEA says
  • Russia hints at possible progress in peace talks with Ukraine
Updated on

Oil slipped after a volatile session as Libya urged OPEC+ to boost supply faster, while hints of possible progress emerged in peace negotiations between Russia and Ukraine. 

Futures in New York closed down 1.5% after trading in a range of more than $5 a barrel. Libya called on OPEC to accelerate oil production increases, and U.K. Prime Minister Boris Johnson said after meeting with the Saudi Crown Prince that he’s optimistic the kingdom may raise its output, but got no guarantees it would occur. Russia said a Ukrainian proposal to become a neutral country but retain its own armed forces could be viewed as a compromise.