By Alex Longley
* President Trump criticized OPEC for raising prices too high
* Saudis, Russia have proposed gradual increase in second half
By Fiona MacDonald, Grant Smith and Jennifer Jacobs
The U.S. government has quietly asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels a day, according to people familiar with the matter.
* Global consumption is solid, but risks are growing: BofAML
* WTI trades below $66 after falling 7.7% in previous two weeks
By Heesu Lee
Oil held losses below $66 a barrel after an OPEC committee stressed the need to ensure supplies can meet growing demand, adding to speculation the group will phase out its production cuts.
* Rosneft tests capacity to restore output: Renaissance Capital
* West Texas Intermediate heading for a second week of declines
By Tsuyoshi Inajima and Alex Longley
Oil in New York headed for a second weekly loss as U.S. output surged, pushing the American marker to near its weakest level in more than three years against global benchmark Brent.
* Brent’s premium to WTI rises, while shrinking versus Dubai oil
* Price differences spur shifts in crude-trade flows globally
By Serene Cheong
Long-established relationships between the world’s most important oil prices are being strained by conflicting forces across the globe.
- Brent Crude Oil Rises to $75 on Iran Risk, Russia Supply Outage
- Oil Trades Near Six-Month High as Trump Tightens Screws on Iran
- Oil Jumps as U.S. Is Said to End Iran Waivers After May 2 Expiry
- Iran Will Close Strait of Hormuz If It Can’t Use It: Fars
- OIL MKT DRIVERS: API Shows Crude, Gasoline Draws; China Figures