Oil prices dipped on Wednesday as rising output and U.S. sanction waivers that allow Iran’s biggest buyers to keep taking its crude reinforced the outlook for a well-supplied market.
Front-month Brent crude oil futures were at $72.04 per barrel at 0337 GMT, down 9 cents, or 0.1 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude was at $61.92, down 29 cents, or 0.5 percent, from its last settlement.
Brent and WTI have slumped by 17.4 and 19.7 percent from recent peaks touched in early October.
U.S. bank J.P. Morgan said the “sell-off in oil was due to excessive crude” from rising production “whilst Iranian supply was still in the market.” Read more
Latest posts by ET Energy World (Reuters Copy) (see all)
- UAE Energy Minister Says Will Continue Supply Cuts Until Market Is Re-balanced - March 10, 2019
- Saudi’s Falih: US, China Driving Oil Demand; No April OPEC Policy Change - March 10, 2019
- Iran Says It Has Many Options To Neutralise “Illegal” U.S. Oil Sanctions - February 24, 2019