Brent falls off 2-week high on uncertainty around Russia's stance on OPEC's cuts

Brent crude remained flat as the US market opened on Monday, about to incur the first loss in three days, dropping from the highest level in two weeks recorded earlier in the trading session on the activity of correction and profit taking in addition to the uncertainty that surrounds the Russian stance of the global supply reduction agreement.

By 12: 40 GMT, Brent crude fell to $63.15 a barrel from the opening of $63.47, with a high of $64.06 (highest in two weeks) and a low of $63.09.

Brent crude futures rose by 1.7% on Friday, the second daily gain in a row, as the recovery continued from the lowest level in five months.

Global oil prices rose an average of 1.3% over last week, the first weekly gain in the last three weeks, thanks to the increased likelihood of the OPEC Plus agreement to extend the reduction of the world supply.

Saudi Energy Minister Khalid al-Falih said on Monday that Russia \ is the only producer that has yet to decide on the need to extend an OPEC production cut-off agreement until the end of this year.

Al-Falih said he would visit Moscow for talks with his Russian counterpart Alexander Novak, as there is a clear disagreement in Russia over the extension of the agreement to reduce the world supply.

The Organization of the Petroleum Exporting Countries (OPEC) is due to meet with its allies, led by Russia on June 25-26, to discuss production policy and decide on a 1.2 million barrel supply reduction agreement, which expires on June 30.