Oil prices extended losses today as Saudi Arabia and Russia said they may increase supplies while US production gains show no signs of slowing.
Brent crude futures stood at $75.39 a barrel, down $1.05 from the previous close and after touching a three-week low of $74.49 earlier in the session.
US West Texas Intermediate (WTI) crude futures were at $66.85, down $1.03, after hitting a six-week low of $65.80.
The spread between the two contracts reached $9.38 a barrel, its widest since March 2015.
The Organisation of the Petroleum Exporting Countries (OPEC) and other producers led by Russia began withholding 1.8 million barrels per day (bpd) of supplies in 2017 to tighten the market and prop up prices that in 2016 fell to their lowest in more than a decade at less than $30 a barrel.
Prices have soared since the start of the cuts last year, with Brent breaking through $80 this month, triggering concerns that high prices could crimp economic growth and stoke inflation.
To address potential supply shortfalls Saudi Arabia, de-facto leader of producer cartel OPEC, and top producer Russia have been in talks about easing the cuts and raising oil production by 1 million bpd.
Russian energy minister Alexander Novak said that a return to October 2016 production levels, the baseline for the current supply pact, is one of the options for easing curbs.
Meanwhile, surging US crude production showed no sign of abating as drillers continue to expand their search for new oilfields to exploit.
US energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig count to 859, its highest since 2015, in a strong indication that American crude production will continue to rise.
US crude output has already surged by more than 27% in the past two years, to 10.73 million bpd, ever closer to Russia's 11 million bpd.
