Crude oil prices mixed amid worries over growing supplies

Oil prices were mixed in early Asian trade on Wednesday, with worries that Saudi Arabia and Russia will pump more crude weighing on the market.

Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.

Brent crude was down 1 cent at $75.38 a barrel by 0015 GMT, after settling up 9 cents on Tuesday. US West Texas Intermediate crude was up 13 cents, or 0.2 per cent, at $66.86 a barrel, having earlier settled down $1.15.

Credit Suisse analysts on Tuesday said even if Russia and OPEC producers raise output, they would likely only add an additional 5,00,000 bpd, which would leave inventories in the most developed countries short of the five-year average by the end of 2018. The Organization of the Petroleum Exporting Countries is due to meet in Vienna on June 22.

Falling stocks and a stronger US dollar index also weighed on oil prices. US stock markets sank more than 1 per cent, while the dollar wobbled at a 10-month high against the euro. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies.

US oil got some support as US crude inventories likely fell by 1.8 million barrels last week, a preliminary Reuters poll showed on Tuesday. Industry group American Petroleum Institute (API) releases its weekly oil data at 2030 GMT, followed by the report by US Energy Department's Energy Information Administration on Thursday, both delayed a day because of the federal Memorial Day holiday on Monday.