Oil Slides As Russia Plans To Raise Production

Reports that Russia plans to start easing oil production cuts after the end of June arrested the oil price rally, keeping WTI below $35 a barrel. WTI slid 0.3 percent following the news, after gaining more than 3 percent yesterday. This added to worry about U.S.-Chinese relations after the U.S. threatened to impose sanctions on China for its policy towards Hong Kong. The Bloomberg report, which cites unnamed sources familiar with Moscow’s position on the cuts, stands in stark contrast with a Reuters report, which also cited unnamed people…