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[rtl]Editorial date: 2018/6/4 9:57 • 55 times read[/rtl]
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The price of crude oil fell in futures contracts on Monday as the market was negatively affected by the rise in US production to a record level and expectations of increased supplies of the Organization of the Petroleum Exporting Countries (OPEC).
Brent crude <LCOc1> fell 34 cents, or 0.4 percent, to $ 76.45 a barrel by 0531 GMT, down for a second session.
West Texas Intermediate crude futures fell 3 cents to $ 65.78 a barrel. The market lost about 3 percent last week, after falling nearly 5 percent the previous week.
"Demand for crude oil is under pressure as the market continues to focus on the debate among Opec members on whether they should increase production later this year," ENZ said in a note.
"In the United States, the data also presented a bleak picture, crude oil production rose to another record level, and drilling activity accelerated again," he said.
Saudi Arabia, OPEC's biggest producer, and Russia have discussed increasing production to offset Venezuela's supply shortfall and dispel concerns over the impact of US sanctions on Iranian production.
The US Energy Information Administration said on Thursday that US crude production in March rose to 10.47 million bpd, a record monthly.
US oil drilling companies added two oil drilling platforms in the week ending June 1, bringing the total number of rigs to 861, the highest level since March 2015. Baker Hughes Energy Services said on Friday that
http://alforatnews.com/modules/news/article.php?storyid=166253
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Oil prices fall
[/rtl][rtl]Editorial date: 2018/6/4 9:57 • 55 times read[/rtl]
The price of crude oil fell in futures contracts on Monday as the market was negatively affected by the rise in US production to a record level and expectations of increased supplies of the Organization of the Petroleum Exporting Countries (OPEC).
Brent crude <LCOc1> fell 34 cents, or 0.4 percent, to $ 76.45 a barrel by 0531 GMT, down for a second session.
West Texas Intermediate crude futures fell 3 cents to $ 65.78 a barrel. The market lost about 3 percent last week, after falling nearly 5 percent the previous week.
"Demand for crude oil is under pressure as the market continues to focus on the debate among Opec members on whether they should increase production later this year," ENZ said in a note.
"In the United States, the data also presented a bleak picture, crude oil production rose to another record level, and drilling activity accelerated again," he said.
Saudi Arabia, OPEC's biggest producer, and Russia have discussed increasing production to offset Venezuela's supply shortfall and dispel concerns over the impact of US sanctions on Iranian production.
The US Energy Information Administration said on Thursday that US crude production in March rose to 10.47 million bpd, a record monthly.
US oil drilling companies added two oil drilling platforms in the week ending June 1, bringing the total number of rigs to 861, the highest level since March 2015. Baker Hughes Energy Services said on Friday that
http://alforatnews.com/modules/news/article.php?storyid=166253
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