Russian Federation warns of 'great risk' of oil overproduction

WTI and Brent Crude Oil

Oil could still drop to $30 per barrel, Russian energy minister warns

Brent crude futures, the worldwide benchmark for oil prices, were down 76 cents, or 1.22 percent, at $61.53 a barrel by 0036 GMT.

US West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, up $0.33, or 0.6%.

OPEC and its partners will take the current "economic bearishness" into account when they meet in coming weeks, and are committed to keeping oil markets balanced this year and beyond, its Secretary-General, Mohammad Barkindo has said.

China's crude oil imports slipped to around 40.23 million tonnes (9.47 million barrels per day), down from an all-time peak of 43.73 million tonnes in April, customs data showed on Monday, as the world's top importer of the commodity curbed shipments from Iran amid tighter United States sanctions.

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U.S. crude inventories unexpectedly rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, according to data from the American Petroleum Institute (API) on Tuesday. That compared with analysts' expectations for a decrease of 481,000 barrels.

Equity markets across Asia and Europe rose broadly today despite U.S. President Donald Trump threatening to slap huge new tariffs on China if his counterpart Xi Jinping doesn't attend the upcoming G20 meeting.

Despite Monday's increases, traders said concerns about the health of the global economy and its impact on fuel demand still weighed on oil market sentiment.

President Vladimir Putin said last week that Russian Federation and the Organization of the Petroleum Exporting Countries (OPEC) disagreed over what constituted a fair price for oil, but that they would take a joint decision at the policy meeting.

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The Organization of the Petroleum Exporting Countries plus Russian Federation and other producers, an alliance known as OPEC+, have implemented a deal since January 1 to cut output by 1.2 million barrels per day (bpd).

The Energy Minister for the United Arab Emirates Suhail Al-Mazroui said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts. It was scheduled for June 25-26 but Russian Federation proposed moving it to early July, an idea opposed by Iran and others.

Russia's average oil output stood at 11.04 Mmbpd for June 1-10, up from an average of 10.87 Mmbpd for June 1-3, two sources familiar with official data told Reuters.

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