West Texas Intermediate crude prices for July delivery fell by 0.16% to $60.72 as U.S. shale oil producers projected greater output for the year despite cuts in drilling works. Brent crude for August declined by 0.11% to $64.19 a barrel.
Saudi Arabia's media reported that the country's Oil Minister Ali al-Naimi said after a meeting with Russian Energy Minister Alexander Novak that he is optimistic about the coming months, considering that demand increased worldwide. Naimi also noted that commercial stocks declined and prices improved.
Media also reported that representatives of Russia and Saudi Arabia plan to discuss a cooperation agreement at an economic forum in St Petersburg.