Oil Edges Lower Amid Lingering Supply Concerns
0007 GMT — Oil edges lower in the early morning Asian session amid lingering supply concerns. Prospects of further increases in production by OPEC continue to hang over the market, ANZ Research analysts say in a note. The group approved another output hike of 411,000 barrels per day for July. 'We suspect OPEC is taking the opportunity of stronger seasonal demand and a lack of response from non-OPEC producers to regain market share,' ANZ adds. Front-month WTI crude oil futures are 0.2% lower at $63.26/bbl; front-month Brent crude oil futures are 0.1% lower at $65.26/bbl. (ronnie.harui@wsj.com)
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