Oil slips more than 1%, Brent below $115

Oil drilling rigs

Oil prices declined today, June 2, after The Financial Times report, which cited five sources, that Saudi Arabia was willing to increase production in case Russia’s supply drops significantly following the sanctions impose by the European Union.

Brent crude was trading down 1.33% at $114.74 per barrel, at 9:00 am Makkah time. West Texas Intermediate (WTI) crude fell 1.53% to $113.50 a barrel.

The Financial Times report came ahead of the OPEC+ meeting, scheduled for later today, during which the group is expected to maintain its stance on modest production hike for July.

Meanwhile, estimates on US crude inventories by the American Petroleum Institute showed a decrease of about 1.18 million barrels in the week ended May 27.

The official data on US stockpiles is expected later today.