Oil Falls on Surging U.S. Output, Set For Second Week of Declines
Friday, 3 May 2019 09:00 WIB |
Oil prices slipped on Friday, extending a steep fall from the previous session on surging U.S. output and an expected supply increase from producer club OPEC and putting crude on track for a second week of declines.
Brent crude oil futures were at $70.56 per barrel at 01:27 GMT, down 19 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 7 cents, at $61.74 per barrel.
Both crude futures lost almost 3 percent in value the previous session.
U.S. crude oil production reached a record 12.3 million barrels per day (bpd) last week, rising by around 2 million bpd over the past year. U.S. crude exports broke through 3 million bpd for the first time this year, according to data from the Energy Information Administration.
Source : Reuters