Oil prices extended losses for the third day as top producers Saudi Arabia and Russia signalled raising output to meet concerns about supply amid strong demand. The move comes at a time when record US crude production and a surprise gain in inventories pushed US West Texas Intermediate’s discount to Brent higher. Having erased close to 6% of the gains in the last three days, the benchmark Brent was trading at close to $75 a barrel on Monday after hitting a three-and-a-half-year high in May.
The world’s major oil exporting countries had cut back production to ensure a reduction in global inventories, which led to a surge in oil prices since the beginning of the year. Brent surpassed its multi-year high of $80 a barrel earlier this month.
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