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Oil prices fall more than 1% as US production recovers

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rocky
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Oil prices fall more than 1% as US production recovers

Post by rocky on Fri 19 Jan 2018, 3:52 am

Oil prices fall more than 1% as US production recovers






2018/01/19 12:24


(Encyclopedia of this day , news | News Iraq ) -
Economy News _ Baghdad


Oil prices fell more than 1 percent on Friday as the US output recovery eased the impact of continued declines in crude inventories and the impact.


Global Brent crude hit $ 68.65 a barrel by 0802 GMT, down 66 cents, or 0.95 percent, from the previous settlement price. 

On Monday, contracts hit their highest level since December 2014 at $ 70.37 a barrel.



US WTI fell to $ 63.23 a barrel, down 72 cents, or 1.1 percent, from the previous settlement price. 

Crude hit its peak in December 2014 at $ 64.89 a barrel on Tuesday.



Traders said the price decline was caused by the recovery of crude production in the United States after a recent decline, in addition to the expected decline in demand.


Data from the Energy Information Administration showed US crude production reached 9.75 million bpd on Jan. 12. 

Production fell to 9.49 million barrels per day at the beginning of the year, mainly due to the bad weather that led to some supplies being stopped.



Most analysts expect US production to exceed 10 million bpd soon.






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