Saudi Arabia is reportedly considering another significant production increase, which would heighten expectations of a crude oil oversupply this year, leading to a drop in the international crude oil prices on June 4.

West Texas Intermediate (WTI) crude for July delivery decreased by US$0.56 (0.88%), reaching US$62.85 per barrel on the New York Mercantile Exchange. Brent crude for August delivery declined by US$0.77 (1.17%), settling at US$64.86 per barrel.