Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Oil Prices Fall as Traders Look Ahead to OPEC Meeting

Published 06/14/2018, 11:03 AM
Updated 06/14/2018, 11:03 AM
© Reuters.  Oil was lower on Thursday.

Investing.com - Oil prices were lower on Thursday amid worry over the potential of increased supply from OPEC.

Crude oil futures decreased 0.18% to $66.52 a barrel as of 11:03 AM ET (15:03 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., slumped 0.81% to $76.12.

The Organization of the Petroleum Exporting Countries and Russia countries is set to meet in Vienna on June 22 and is expected to decide whether or not to increase supply by one million barrels per day, as OPEC faces losses from Venezuela and Iran.

Total production of OPEC countries rose by 35,000 barrels per day (bpd) in May to 31.87 million bpd, according to its monthly report.

OPEC has been cutting crude output by 1.8 million bpd to prop up oil prices. The pact began in January 2017 and is set to expire at the end of 2018.

Prices on Thursday were held back despite falling inventories, as rising U.S. crude output worried traders. U.S. crude output has risen 30% in the last two years to 10.9 million barrels per day. The price of oil has been stuck between the rise in U.S. shale and OPEC’s falling production levels.

Meanwhile inventories of U.S. crude fell by 4.143 million barrels for the week ended June 8, well above expectations for a draw of 1.440 million barrels, according to data from the Energy Information Administration (EIA).

In other energy trading, gasoline futures decreased 1.48% at $2.0891 a gallon, while heating oil fell 1.17% to $2.1596 a gallon. Natural gas futures was down 0.20% to $2.957 per million British thermal units.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.