Oil prices slide on higher OPEC output

Dhaka,  Sat,  10 December 2016
Published : 13 Oct 2016, 11:47:29

Oil prices slide on higher OPEC output

Oil prices slide on higher OPEC output
Oil prices fell on Thursday after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in US crude stockpiles.

International Brent crude oil futures LCOc1 were trading at $51.37 per barrel at 0256 GMT, down 44 cents, or 0.85 per cent, from their previous close.

US West Texas Intermediate crude futures were down 54 cents, or 1.08 per cent, at $49.64 per barrel.

OPEC on Wednesday reported its oil production climbed in September to the highest in at least eight years and raised its forecast for 2017 non-OPEC supply growth.

The producer cartel pumped 33.39 million barrels per day (bpd) last month, according to figures OPEC collects from secondary sources, up 220,000 bpd from August.

The US Energy Information Administration is due to publish official storage inventory data later on Thursday.

The American Petroleum Institute, a trade group, reported on Wednesday that US crude inventories rose by 2.7 million barrels to 470.9 million barrels in the week to Oct. 7. 

This would be the first rise in oil stocks following five straight weeks of declines, according to a news agency report.

-SRS-
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