Wednesday, 13 June 2018 14:24 WIB |
Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer cartel OPEC could relax voluntary output cuts.
Brent crude futures the international benchmark for oil prices, were at $75.36 per barrel by 0708 GMT, down 52 cents, or 0.7 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $65.87 a barrel, down 49 cents, or 0.7 percent, from their last settlement.
The Organization of the Petroleum Exporting Countries (OPEC), together with some non-OPEC producers, including Russia, started withholding output in 2017 to reduce a global supply overhang and push up prices.
OPEC on Tuesday said the oil market outlook in the second-half of 2018 was highly uncertain, and warned of downside risks to demand.
The group is due to meet on June 22 in Vienna, Austria, to discuss future production policy.