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Oil falls as US crude production nears 12 million b / d |
Oil prices fell on Thursday, as US crude oil production nears an unprecedented 12 million barrels per day (bpd) as fears of weak demand begin to emerge.
By 0752 GMT, US WTI crude futures were $ 51.92 a barrel, down 39 cents, or 0.8 percent, from the previous close.
London Brent crude futures fell 37 cents, or 0.6 percent, to $ 60.95 a barrel.
Crude oil production in the United States rose in the week ending January 11 to a record 11.9 million barrels per day, compared to 11.7 million barrels a day in the previous week, which was already the highest production rate between Countries of the world.
US production has risen by 2.4 million bpd since December 2018, fueling fears of a supply gap.
US gasoline stocks also rose more-than-expected.
The increase in crude production in the United States coincided with a rise in exports, which also reached a record level of 3.2 million barrels per day by the end of last year.
The surge in US supplies comes amid concerns that demand growth is faltering because of a slowdown in the global economy that some analysts believe will turn into a recession.
To curb oil prices, OPEC and Russia are leading efforts to cut supplies, preventing crude prices from falling sharply despite weak demand and rising US production.
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