Economic news

Oil drops to below $56 on rising global output

Oil prices slumped more than $1 a barrel to below $56 on Monday amid an increase in U.S. drilling and higher OPEC production.

December Brent crude fell $1.03 to $55.76 per barrel. November WTI crude sank $1.07 to $50.60.

According to recent Reuters survey, OPEC output increased by 50,000 barrels a day in September as the cartel’s overall compliance with its supply-cut deal slipped to 86%.

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