Oil edged lower on Tuesday, pressured by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall.
Brent crude futures were down 6 cents at $75.24 a barrel by 0848 GMT. The price has fallen by nearly 7 percent since hitting a 2014 high above $80 on May 22.
U.S. West Texas Intermediate (WTI) crude fell $1.39 to $66.49 a barrel.
Concerns that Saudi Arabia and Russia could boost output have exerted downward pressures on oil prices, along with rising oil production in the United States.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
The Organization of the Petroleum Exporting Countries (OPEC) is due to meet in Vienna on June 22.
Volatility, a way of measuring demand for a derivative, on highly bearish Brent crude sell options that expire just after the meeting has shot to its highest since February.
The spread between Brent and WTI stands at about $8.70 a barrel, its widest since March 2015 because of the depressed price of U.S. crude compared with Brent.
White metal rises on strong global cues295
Silver futures were trading higher in the domestic market on Tuesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade.
At the MCX, silver futures for July 2018 contract closed at Rs 40,204 per kg, up by 0.72 per cent, after opening at Rs 40,053 against a previous close of Rs 39,917. It touched the intra-day high of Rs 40,220.
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