Oil prices dipped slightly on Friday as the U.S. dollar edged up from its overnight lows, while forecast higher production by U.S. shale oil producers this year added to lingering worries over demand.
U.S. crude futures for July shed 7 cents to $60.38 a barrel as of 0009 GMT after closing up 53 cents in the previous session.
Brent crude for August fell 14 cents to $64.12 a barrel, having settled up 39 cents on Thursday.
A firmer U.S. dollar makes oil futures more expensive for holders of other currencies, while the potential for increased imports to the United States could also pressure U.S. oil prices.
U.S. shale oil producers have projected a rise in output for the year even as they have scaled back drilling to cope with a near 45 percent slump in crude prices.
Saudi Arabia’s Oil Minister Ali al-Naimi said after a meeting with Russian Energy Minister Alexander Novak he is optimistic about the coming months given increased global demand, Saudi state media reported.
Naimi also noted a reduction in the level of commercial stocks, and an improvement in prices.
Russia, the second biggest oil supplier to the global markets, and Saudi, the world’s biggest oil exporter, plan to discuss a broad cooperation agreement at an economic forum in St Petersburg.
U.S. consumer prices in May recorded their largest increase in more than two years as gasoline prices surged, suggesting the drag on inflation from lower oil prices was fading. Other data on Thursday showed the economy was regaining momentum after stumbling in the first quarter.
Stock markets around the world rallied on Thursday.
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