Oil prices fall on prospect of rising supplies


Oil prices fall on prospect of rising supplies

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

Brent crude futures , the international benchmark for oil prices, were at $75.49 per barrel at 0005 GMT, down 39 cents, or 0.5 percent, from the last close.

U.S. West Texas Intermediate (WTI) crude futures were at $65.92 a barrel, down 44 cents, or 0.7 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. The group is due to meet on June 22 in Vienna, Austria, to discuss future production policy. Read More

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