Drop in output from Iran and Venezu­ela limits lossesTOKYO/LONDON: Oil prices halted their rally on Monday with Brent futures falling below $71 per barrel on signals that Russia may exit production cuts. Brent crude futures were at $71.15 a barrel at 1330 GMT, down $0.40, or 0.60%, having earlier slid below $71 per barrel. The Organisation of the Petroleum Exporting Countries (OPEC) and its allies meet in June to decide whether to continue withholding supply. OPEC, Russia and other producers are reducing output by 1.2 million barrels per day from January 1 for six months. US energy companies last week increased the number of oil rigs operating for a second week in a row.

Source: The Express Tribune April 15, 2019 16:47 UTC