Crude oil dropped as data pointing to an ongoing expansion in U.S. output and fears that Saudi Arabia and Russia were set to hike production weighed on sentiment.
Russian Oil Minister says gradual easing of oil production cuts possible from July 1st, adding that options for up to 1.5mln bpd production boost are under consideration.
Saudi Arabia and Russia, architects of a producer deal to cut output, indicated ahead of a key OPEC meeting in Vienna next week that production could rise.
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