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Oil Slips on Signs Russia Boosted Crude Output Before OPEC Meets

“Crude rose to the highest in more than a week as cracks in a key pipeline threatened Nigerian oil exports and a schism deepened within OPEC over whether to allow more oil to flow onto global markets” writes Jessica Summers for bloomberg.com. Yet, Iraqi Oil Minister Jabbar al-Luaibi said OPEC and allied producers haven’t reached their objectives and shouldn’t be influenced by calls to pump more oil.Russia lifted crude output 140,000 barrels a day above its cap in the first week of June, according to a person with knowledge of the matter.The Nigerian outage involves “a big pipe, big delivery point,” said Bob Yawger, director of futures at Mizuho Securities USA Inc. in New York.
Source: bloomberg.com

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