Economic news

Oil prices fall on excessive supplies

Oil fell on Wednesday as increasing production and U.S. sanctions easing that allow Iran’s largest importers to keep buying its crude reinforced the forecast for a tight market.

Photo: Reuters

International benchmark Brent slipped 0.2 percent to $71.99 a barrel. U.S. WTI crude futures slumped 0.6 percent to $61.84.

Production from the world’s main producers Russia, the U.S. and Saudi Arabia, breached 33 million bpd for the first time in October. These three nations now provide more than a third of global consumption.

Taking into account the inflow of new supply, Morgan Stanley cut its year-end and first-half 2019 Brent price outlook from $85 a barrel to $77.50.

According to fresh data from the American Petroleum Institute, U.S. crude stocks surged by 7.8 million barrels in the week ending Nov. 2 to 432 million.


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