Crude oil prices fell at the beginning of the week to trade at their lowest level in six weeks as the downward trend that started last week ended a rally that took the price to its highest level since the beginning of November 2017.
US crude futures are currently trading at $66.65 a barrel after cutting some of its losses when it reached a six-week low of $ 65.79 a barrel earlier in the session.
Brent crude is meanwhile trading at $75.29 a barrel, after recording a three-week low of $ 74.47 a barrel.
Reports indicate that the Organization of Petroleum Exporting Countries (OPEC) and Russia are considering increasing oil imports in order to meet the supply shortfall due to the current crisis in Venezuela and Iran, where Russian Energy Minister that the return to the production levels of October 2016 was the basis.
Russia's energy minister said these notes after a meeting with his Saudi Arabian counterpart to review global oil supply conditions ahead of an OPEC meeting on June 22.
As for U.S. oil production, it continued to record high levels, where the EIA report showed last week that the U.S. added 15 new rigs to bring the total number to 859 diggers, the highest level since March 2015.
U.S. production is meanwhile at the highest level ever produced at 10.73 million barrels per day, up 27% over the past two years. Russia remains the only dollar producing about 11 million barrels per day.
All these factors increased the selling of crude oil as the latest
strong rally encouraged investors to take profit, with expectations of a downside
correction in crude prices in the short term.