Crude oil prices fall as US crude production hits another record


Crude oil prices fall as US crude production hits another record

Oil prices eased on Thursday, dragged down by rising output, although strong demand and a drop in US fuel inventories provided the market with some support.

Brent crude futures, the international benchmark for oil prices, were at $76.46 per barrel at 0046 GMT, down 28 cents, or 0.4 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $66.58 a barrel, down 6 cents from their last settlement.

Prices were pulled down by another rise in US oil production, which hit a weekly record of 10.9 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) on Wednesday. Read More

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