Monday, June 11, 2018

RISING USA AND RUSSIAN OIL PRODUCTION

   LONDON (Reuters) - Oil prices fell on Monday, pulled down by rising Russian production and the highest U.S. drilling activity in more than three years, but found some support from concerns over future Iranian and Venezuelan output.
   Analysts expect higher U.S. output to offset supply curbs by the Organization of the Petroleum Exporting Countries (OPEC), which have been in place for 18 months and have pushed up prices significantly over the past year.
   Benchmark Brent crude LCOc1 was down 70 cents at $75.76 a barrel by 1150 GMT. U.S. light crude CLc1 was fell 70 cents to $65.04.

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