London — Oil prices fell on Thursday, pulled down by record US crude production that led to a surge in inventories.
Oman's energy minister Mohammed bin Hamad al-Rumhy said on Wednesday it was Opec's goal to extend the production cuts, which started in January, when the group and its allies next meet in June. Russia has sent signals about potentially increasing output. In April, however, the country's oil output fell to 11.23-million bpd from 11.3-million bpd in March, still above Opec quotas.
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