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U.S. crude futures edged down over $1 on Tuesday on concerns that Saudi Arabia and Russia will produce more crude to bolster supplies after over a year of reducing global inventories.
US WTI crude futures declined $1.15 to close at $66.73 per barrel, marking a 1.7 percent loss. Brent crude futures finished 9 cents to $75.39 per barrel.
Saudi Arabia and Russia have talked about increasing OPEC and non-OPEC oil production by one million barrels per day to offset possible supply shortfalls from Venezuela and Iran.
Before the meeting of the Organization of the Petroleum Exporting Countries on June 22, worries that Saudi Arabia and Russia could boost production have put pressure on oil prices.
According to Credit Suisse analysts on Tuesday, even if Russia and OPEC producers bolsters output, they would only likely add an additional 500, 000 bpd, which would leave stockpiles in the most developed nations short of five-year average by the end of 2018.
Brent now has the biggest premium over U.S. futures in over three years, meaning U.S. exports are increasingly becoming significantly more competitive globally than those from northern Europe, Russia and parts of the Middle East.
The spread between Brent and U.S. crude hit $9.38 on Monday in low holiday volumes, widest since March 2015. U.S. oil production has risen by more than 20 percent in the last two years to 10.7 million bpd. Record crude oil volumes from the U.S. are projected to be shipped to Asia in the coming months.
