MTECHTIPS:-U.S. crude prices plummet on rising production levels


MTECHTIPS:-U.S. crude prices plummet on rising production levels

MTECHTIPS-U.S. oil moved sharply lower on Friday, as news this week of a rise in U.S. oil production weighed heavily on the commodity. U.S. crude futures for August delivery were down 3.03% at $44.14 a barrel, the lowest since June 28. On the ICE Futures Exchange in London, the September Brent lost 2.95% to $46.71 a barrel, also the lowest since June 28. The Energy Information Administration said U.S. crude inventories fell by 6.299 million barrels in the week ended June 30, compared to expectations for a drawdown of 2.28 million barrels. However, the upbeat report was offset by news of a 1% increase in weekly U.S. oil production to 9.34 million barrels per day (bpd). The data came a day after the American Petroleum Institute said that U.S. crude inventories fell by 5.8 million barrels in the week ended June 30 to 503.7 million. Oil markets remain oversupplied despite a pledge by the Organization of the Petroleum Exporting Countries to cut production from January of this year until March 2018 in a bid to support the market. Data on Wednesday showed that exports by OPEC rose for a second month in June, adding to doubts over whether the group can do enough to tighten the market.

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