Please try another search
© Reuters. Crude oil pushes lower amid sustained U.S. production level concerns
Investing.com - Crude oil prices continued to tumble on Thursday, as concerns over rising U.S. production continued to weigh heavily on the commodity.
The U.S. West Texas Intermediate crude March contract was down 77 cents or about 1.32% at $60.38 a barrel by 04:00 a.m. ET (08:00 GMT), the lowest since January 3.
Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London declined 89 cents or about 1.34% to $63.91 a barrel, the lowest since December 20.
Oil prices were hit after data showed that U.S. oil production topped the 10 million barrels per day (bpd) mark last week.
Domestic oil production, driven by shale extraction, rose 3.3% to an all-time high of 10.25 million bpd, the U.S. Energy Information Administration said. That figure is above that of top exporter Saudi Arabia and within reach of Russia's output levels.
The commodity was also pressure lower by news U.S. commercial crude stocks increased by 1.9 million barrels in the week to February 2, to 420.25 million barrels.
That added to fears that rising U.S. output would dampen OPEC’s efforts to rid the market of excess supplies.
The producer group, along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.
The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.
Separately, Iran announced plans on Thursday to increase production within the next four years by at least 700,000 barrels a day.
Elsewhere, gasoline futures lost 1.18% to $1.730 a gallon, while natural gas futures tumbled 2.42% to $2.628 per million British thermal units.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.