Economic news

Oil drifts weaker

Crude prices tumbled on Thursday after Thomson Reuters Eikon data showed Opec production rose to a 2017 peak of 33 million barrels per day.

October Brent crude dropped 45 cents to $51.91 per barrel. U.S. WTI slumped 45 cents to $49.14 per barrel.

According to data from the Energy Information Administration, inventories of U.S. crude fell by roughly 1.5m barrels to 481.9m barrels in the week ended July 28, below analysts’ expectations.

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