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LONDON. — Oil slipped yesterday, retreating from session peaks near a four-year high as top exporter Saudi Arabia said it increased output and after Reuters reported that Russia and Saudi Arabia had struck a deal to pump more.

“Saudi is still very timid, the market wants to see something more proactive,” said Petromatrix analyst Olivier Jakob. “That’s why the market is not reacting very much to the different headlines.”

Brent crude LCOc1, the global benchmark, fell 10 cents to $84,70 a barrel by 1333 GMT. The price hit $85,45 on Monday, its highest since November 2014. US crude CLc1 was down 18 cents at $75,05.

Oil prices have been climbing as buyers have already started steering clear of Iran before the implementation of US sanctions starting 4 November.

The fall in Iranian exports is reducing the impact of a June agreement between the Organisation of the Petroleum Exporting Countries and its allies, such as Russia, to hike output.

While OPEC has so far ruled out any further production increase

Saudi Energy Minister Khalid al-Falih said the kingdom had raised output to 10,7 million barrels per day in October and would pump more in November. The record high for Saudi output is 10,72 million bpd in November 2016.

But crude still found support from expectations that US sanctions on Iran starting in November will strain the ability of other major producers. One analyst said the Saudi plan to pump more would not change much.

“Saudi is still very timid, the market wants to see something more proactive,” said Petromatrix analyst Olivier Jakob.”— Reuters.