Oil turns negative as OPEC eyes Russia suspension from output deal | Reuters

Oil turns negative as OPEC eyes Russia suspension from output deal | Reuters

Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia's participation in the OPEC+ production deal.

While there was no formal push for Organization of the Petroleum Exporting Countries to pump more oil to make up for any potential Russian shortfall, some Gulf members had begun planning for an output increase sometime in the next few months, the Wall Street Journal reported, citing OPEC delegates.

Brent crude futures for August, the most actively traded contract, settled down $2, or 1.7%, at $115.60 a barrel, after rising to $120.80 earlier in the day. The front-month contract for July, which expired on Tuesday, closed up $1.17, or 1%, at $122.84.

U.S. West Texas Intermediate (WTI) crude settled at $114.67 a barrel, down 40 cents or 0.4% from Friday's close. Earlier in the session, it had touched $119.98, its highest since March 9. There was no settlement on Monday's U.S. Memorial Day holiday.