Oil prices edged lower overnight, slipping off five-month highs after the International Monetary Fund cut its global economic growth forecasts and as the Russian government signalled it may retreat from its production-cutting deal with OPEC.

Oil prices edged lower overnight, slipping off five-month highs after the International Monetary Fund cut its global economic growth forecasts and as the Russian government signalled it may retreat from its production-cutting deal with OPEC.