London — Oil prices fell on Wednesday on the expectation that US producers would boost output. Brent crude futures, the international benchmark for oil prices, were down 82c $54.65 a barrel at 10.08am GMT. US West Texas Intermediate (WTI) crude oil futures were trading down 80c at $51.68 a barrel. US shale production is set to snap a three-month decline in February, the US Energy Information Administration (EIA) said on Tuesday, as energy firms boost drilling activity with crude prices hovering near 18-month highs. February production would edge up 40,750 barrels a day to 4.748-million barrels a day, the EIA said. In January, it was expected to drop by 5,900 barrels a day. "It’s the eternal question about the current flat price and what it does to US crude oil production," Petromatrix oil strategist Olivier Jakob said. Representative Ryan Zinke of Montana, president-elect Donald Trump’s nominee for interior secretary, said on Tuesday that he would consider an expansion of energy dri...
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