Oil Falls On Concerns Over Rising Supply, Weaker Demand



Oil Falls On Concerns Over Rising Supply, Weaker Demand
Oil prices fell as concerns about surging US output and falling demand in China weighed on the contract and JP Morgan cut its price forecast.

More generally, Brent has been pushed up by the voluntary production cuts put in place last year, led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.

OPEC and Russia meet on June 22/23 to discuss production policy.

On Friday, OPEC's third-largest producer Iran criticized a U.S. request that Saudi Arabia pump more oil to cover a drop in Iranian exports and predicted that OPEC would not heed the appeal.

Headlines on OPEC members' plans for the meeting later this month will lead to volatile market swings, said Tariq Zahir, managing member of Tyche Capital Advisors in New York.

"I think it is going to be very choppy," he said.

(Additional reporting by Shadia Nasralla and Dmitry Zhdannikov in London, Henning Gloystein in Singapore Editing by Marguerita Choy and Phil Berlowitz)

Copyright 2018 Thomson Reuters.


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