Light, sweet crude oil prices fell by more than $1/bbl for both the July and August contracts on the New York market May 31, but the Brent contract for July gained more than $1/bbl in London.

A US weekly government report showed a larger-than-expected decrease in US crude oil supplies. But traders appeared to be focused on the fate of production-cut targets by the Organization of Petroleum Exporting Countries and other major producers, including Russia.

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