LONDON, May 17: Oil prices fell on Friday as the prospect of increased global supplies, along with the recent easing of tensions in the Middle East, saw the market back further away from eight-month highs set earlier in the week.

Reference Brent North Sea crude for July delivery fell 30 cents to $26.08 a barrel here by late afternoon.

In New York, the light sweet crude June contract fell another 35 cents to $27.60.

The retreat followed news that Russia, the world’s number two oil-exporting country, was to lift its self-imposed curb on exports within the next two months.

“The situation on world oil markets is almost stabilized and, in view of this, we think the time has come to gradually lift restrictions on our oil exports,” Russian Prime Minister Mikhail Kasyanov was quoted as saying by Russian news agencies.—AFP