Oil declines for first time in four sessions

Oil futures fell in American trade even as the dollar index lost ground, amid a lack of data from the US, the world's largest economy, and after statements by Russian energy minister Alexander Novak and OPEC Secretary General Muhammad Barkindo. 

As of 04:59 GMT, US West Texas Intermediate fell 0.74% to $61.88 a barrel from the opening of $62.34, while Brent futures due on May 15 shed 0.41% to $65.94 a barrel from the opening of $66.21, as the dollar index fell 0.385 to 89.89 from the opening of 90.23. 

Federal Reserve Bank of Atlanta President Raphael Bostic spoke about the future of community development at the National Interagency Community Reinvestment Conference, in Miami, earlier today, while markets await the Federal Reserve Open Market Committee's policy meeting this week, at which policymakers are expected to hike interest rates by 25 basis points. 

Russian energy minister Alexander Novak said in earlier remarks that Russia is committed to the deal to cut global output by 1.8 million bpd in cooperation with OPEC until the end of 2018, while noting that in case the oil markets return to balance, Russia will start discussing options to gradually exit the deal.  

Novak expected oil markets to balance in the third or fourth quarter of the year, opening the door for exit talks with OPEC next June, while dismissing concerns about the increase in the US oil rig count. 

Otherwise, OPEC Secretary General Muhammad Barkindo said that the Organization is focused on enforcing complete compliance with the deal to limit oil supplies to wipe out oversupply, pointing to global inventories that are still above five-year averages. 

On another note, Saudi Arabia's oil exports rose to 13-month highs in January, while Iranian exports rose to 2.6 million bpd in the Iranian year 2017-2018, as Iraq endeavors to expand its oil producing capabilities as well.