Oil fell to $ 113 a barrel after a report that Saudi Arabia was ready to pump more if Russian production fell sharply due to growing sanctions over its invasion of Ukraine.
West Texas Intermediate futures fell more than 3% in Asian trade before offsetting some of those losses. The Financial Times reported that Saudi Arabia has indicated to Western allies that it is ready to increase oil supplies. The news comes ahead of Thursday’s OPEC + monthly meeting, at which the group is expected to ratify a modest increase in yields in July.
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