Mixed signals by major OPEC producers and their main allies have sparked volatility in oil prices ahead of an OPEC+ oil policy meeting set to take place this weekend.
Brent crude and U.S. West Texas Intermediate futures ended last week over 1.5% higher, but fell by over 1% at 1047 GMT on Tuesday.
OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies,The group meets on June 4 in Vienna to discuss whether or not to further curtail production.
Tuesday's comments by the prince were interpreted by some investors as a signal that OPEC+ could consider further output cuts.
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