22.05.201822:46:00UTC+00Oil Slides after Rally, OPEC May Relax Production Curbs

Oil prices fell on Wednesday as the market experienced a respite on expectations that OPEC may lift production as early as June, despite geopolitical risks providing support for the market.

Brent futures slipped 4 percent to $79.53 per barrel, after rising 35 cents on Tuesday. In the previous week, the global benchmark reached $80.50 per barrel, the highest since November 2014.

U.S. WTI crude futures fell 2 cents to $72.18 per barrel, having risen on Tuesday to $72.83 per barrel, its highest level since November 2014.

In a note, ANZ said that geopolitical risks have kept investors on edge. U.S. Secretary of State Pompeo had laid out demands for Iran to stop all uranium enrichment and give nuclear inspectors access to their entire nation. But the lender sid that investors are also focused on the upcoming talks between Russia and Saudi about whether they should consider a controlled easing of over-compliance with their output cut agreement.