New York, Apr 16 : Oil prices fell on Monday, as the market was weighed by Russia's intention to increase supply with OPEC to compete for more market share. Over the weekend, Russian Finance Minister Anton Siluanov said in Washington that Russia and OPEC may decide to boost production to avoid further loss of the global market, according to Russian news agency TASS.
The remarks reversed Friday's rising oil prices, which was boosted by a massive acquisition deal in the energy sector, easing worries of declining global production. U.S. oil giant Chevron Corporation announced Friday plans to buy Anadarko Petroleum Corporation in a stock and cash deal valued at 33 billion US dollars, in a bid to expand its business in U.S. shale and liquid natural gas market.
The West Texas Intermediate for May delivery decreased 0.49 dollar to settle at 63.40 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 0.37 dollar to close at 71.18 dollars a barrel on the London ICE Futures Exchange. (XINHUA)