NEW YORK, June 15 (Xinhua) -- Oil prices settled sharply lower on Friday as traders believed that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will agree next week to boost output.
Russian Energy Minister Alexander Novak said on Thursday after talks with Saudi Energy Minister Khalid al-Falih in Moscow that both nations "in principle" supported a gradual increase in production after restricting output for 18 months, according to CNBC.
Meanwhile, the number of rigs operating in U.S. oil fields added by 1 to a total of 863 rigs this week, marking the highest level since March 2015, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate for July delivery dropped 1.83 U.S. dollars to settle at 65.06 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery lost 2.50 dollars to 73.44 dollars a barrel on the London ICE Futures Exchange.
