Oil prices fell to trade near US$113 a barrel following a report that Saudi Arabia is ready to pump more oil if Russian output declined substantially due to increasing sanctions over its invasion of Ukraine.
West Texas Intermediate futures dropped more than 3 percent in Asian trading before paring some of those losses.
The Financial Times reported that Saudi Arabia indicated to Western allies that it is prepared to increase oil supply.
The news came ahead of a monthly OPEC+ meeting yesterday at which the group was expected to ratify a modest increase in output for next month.
The US has repeatedly