"The markets are probably a bit too relaxed," Ben Luckock, co-head of oil trading at Trafigura, told the APPEC conference in Singapore. "I suspect there's a little bit more to come," he said, referring to interest rate increases from the U.S. Federal Reserve to fight inflation. Luckock added that Russia has a different set of challenges "evacuating their crude products out of the country", which could prolong tighter supplies. "I guess the issue a little bit with the Russians has always been the credibility of the cuts," he said. Reporting by Florence Tan, Jeslyn Lerh and Trixie Yap; Editing by Jamie Freed and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

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Persons: Florence Tan, Ben Luckock, Brent, Luckock, it's, Jeslyn Lerh, Trixie Yap, Jamie Freed, Tom Hogue Organizations: REUTERS, Rights, U.S . Federal Reserve, OPEC, Organization of Petroleum, Thomson Locations: Singapore, Rights SINGAPORE, Asia, U.S, Russia