Oil price falls on high OPEC output 

Dhaka,  Fri,  22 September 2017
Published : 02 Aug 2017, 11:55:57

Oil price falls on high OPEC output 

Oil price falls on high OPEC output 
Oil prices fell 1.0 per cent on Wednesday, with rising US fuel inventories pulling US crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices.

US West Texas Intermediate (WTI) crude futures CLc1 were at $48.68 per barrel at 0303 GMT, down 48 cents, or 1.0 per cent, from their last settlement. 

That came after the contract opened above $50 for the first time since May 25 on Tuesday.

Brent crude futures LCOc1, the international benchmark for oil prices, were down 47 cents - almost 1.0 per cent - at $51.31 per barrel.

The API said that US crude stocks rose by 1.8 million barrels in the week ending July 28 to 488.8 million, hitting hopes that recent inventory draws were a sign of a tightening US market.

Official storage figures are due to be published by the US Energy Information Administration (EIA) late on Wednesday.

Outside the United States, prices were pegged back by a survey this week that showed production by the OPEC hit a 2017 high of 33 million barrels per day (bpd) - despite its pledge to restrict output together with other OPEC producers, including Russia, by 1.8 million bpd between January this year and March 2018, according to Reuters.
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