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Oil fell more than 2 percent on Monday as Russian crude output rose in March to 10.97 million bpd from 10.95 million bpd in February, despite the existing supply cut agreement. Reports of a potential Saudi price cut also weighed on prices.
Higher Russian output under the OPEC+ cut deal raises doubts about supply discipline, adding bearish pressure on crude and related energy costs that feed into feed-grain transport and fuel.
reuters.comAyenat MersieApr 2, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Higher Russian output and talk of a Saudi price cut raised supply concerns and weighed on prices on April 2, contributing to the downward move.
