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[rtl]Date of release: 2019/1/17 13:56 • 128 times read[/rtl]
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{International: Al Furat News} Oil prices fell on Thursday as US crude oil production approached an unprecedented 12 million bpd, as fears of weak demand began 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 Jan. 11 to a record 11.9 million barrels per day, compared with 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 January 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 the oil spill, OPEC and Russia are leading efforts to cut supplies, preventing crude prices from falling sharply despite weak demand and rising US production.
http://alforatnews.com/modules/news/article.php?storytopic=37&storyid=185364
[/rtl]
Oil prices are falling as US crude production approaches an unprecedented rate
[/rtl][rtl]Date of release: 2019/1/17 13:56 • 128 times read[/rtl]
{International: Al Furat News} Oil prices fell on Thursday as US crude oil production approached an unprecedented 12 million bpd, as fears of weak demand began 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 Jan. 11 to a record 11.9 million barrels per day, compared with 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 January 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 the oil spill, OPEC and Russia are leading efforts to cut supplies, preventing crude prices from falling sharply despite weak demand and rising US production.
http://alforatnews.com/modules/news/article.php?storytopic=37&storyid=185364
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