Oil declines on global oversupply worries

Oil prices fell in European trade on Friday, with US crude backing off two-week highs, while Brent declined for another day on global oversupply concerns after production bumps in Russia, US, and Saudi Arabia. 

As of 08:47 GMT, US crude fell to $66.71 a barrel from the opening of $66.99, while Brent declined to $75.45 a barrel from the opening of $75.91. 

US crude rose 0.6% yesterday, the second profit in a row, marking a two-week high at $67.14, while Brent lost 0.8%. 

Russian output rose to 11.1 million bpd in June from 11 million bpd in May according to Interfax reporting. 

In the US, the EIA reported an increase of 100 thousand bpd in output in the week ending June 8 to a total of 10.90 million bpd, a record high. 

Saudi Arabian crude output rose past the 10 million bpd mark again after stabilizing recently around 9.9 million bpd.

Russia, Saudi Arabia discuss end to output deal 

Russian energy minister Alexander Novak said after talks with Saudi energy minister Khalid al Falih that the two countries support a gradual exit from the current deal to cut global output. 

Novak said the details will be discussed in OPEC's meeting, which could result into a 1.5 million bpd increase in production starting July. 

OPEC is scheduled to convene with other other independent producers in Vienna on June 22-23 to decide output policies and take a final decision on the deal to cut global output.