2018.05.2801:52:00UTC+00Oil Tanks as OPEC, Russia Mull Boosting Production Amid U.S. Surge

Oil prices edged down on Monday, adding to steep declines from Friday as OPEC's de-facto leader Saudi Arabia and Russia said they may boost output and as U.S. production increases show no signs of slowing down.

Brent crude futures traded at $75.09 per barrel, falling $1.35 or 1.8 percent from their last settlement. U.S. WTI crude futures traded at $66.22 per barrel, $1.66 or 2.5 percent lower from their last close.

In China, Shanghai crude oil futures plunged by 4.8 percent to 457.7 yuan per barrel.

The OPEC, as well as non-OPEC member but top producer Russia, began curbing output in 2017 to tighten the oil market and boost prices, which in 2016 hit their lowest level in more than 10 years at less than $30 per barrel.

However, prices have began to rally since the beginning of the cuts last year, with Brent breaking through $80 per barrel earlier in the month, prompting worries that high prices could weaken economic growth and induce inflation.

To address the possible supply shortfalls Saudi Arabia and Russia said on Friday that they were discussing increasing oil production by around 1 million barrels per day. ANZ bank said on Monday that crude prices fell following the reports of the two top producers' agreement.

Meanwhile, increasing U.S. crude production also showed no indications of abating as drillers continued to add rigs. Last week, energy companies added 15 rigs, bringing the total rig-count to 859. The figure is the highest level since 2015.