Oil prices fall after OPEC reports rising output, U.S. crude inventories rise

Oil prices fall after OPEC reports rising output, U.S. crude inventories rise
 

Oil prices fell early on Thursday after OPEC said that its production had risen to its highest level in at least eight years and following reports of an increase in U.S. crude stockpiles.
International Brent crude oil futures LCOc1 were trading at $51.52 per barrel at 0016 GMT, down 29 cents, or 0.6 percent, from their previous close.
U.S. West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.7 percent, at $49.84 per barrel.
Traders said oil markets had come under pressure after Organization of the Petroleum Exporting Countries (OPEC) reported a rise in production, despite... read more

 
13 October 2016 in Business, Views: 66
Source: Reuters
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