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Oil prices drop on prospect of rising supplies


Added 06-13-18 01:04:01am EST - “OPEC said that the oil market outlook in the second-half of 2018 is highly uncertain and warned of downside risks to demand.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Oil prices drop on prospect of rising supplies”. Below is an excerpt from the article.

Oil prices fell on Wednesday, pulled down by rising supplies in the United States and expectations that voluntary output cuts led by producer cartel OPEC could be loosened.

Brent crude futures, the international benchmark for oil prices, were at $75.65 per barrel at 0329 GMT, down 23 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $65.99 a barrel, down 37 cents, or 0.6 percent, from their last settlement.

The Organization of the Petroleum Exporting Countries (OPEC), together with some non-OPEC producers including Russia, started withholding output in 2017 to reduce a global supply overhang and push up prices.

OPEC on Tuesday said that the oil market outlook in the second-half of 2018 is highly uncertain and warned of downside risks to demand.

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