Oil in New York headed for its longest run of losses since February after Saudi Arabia and Russia proposed raising production later this year. Futures slid 1.4 percent on Tuesday after Friday’s 4 percent decline. Saudi Arabia and Russia said OPEC and its partners may boost supply to make up for potential losses from other members, most notably Venezuela and Iran. There was no settlement Monday for West Texas Intermediate because of the U.S. Memorial Day holiday and all trades will be booked Tuesday. U.S.
Source: FuelFix
