Singapore — Oil prices were down 1% early on Wednesday after data showed a build in US crude stocks and oil cartel Opec reported a rise in its production despite its pledge to cut back. Brent crude futures were at $48.25 a barrel at 12.39am GMT, down 47c, or 1%, from their last close. US West Texas Intermediate (WTI) crude futures were at $45.94 a barrel, down 52c, or 1.1%. The price falls came as an ongoing supply glut has pulled down crude prices by more than 10% since late May despite a move led Opec to cut production by almost 1.8-million barrels a day until the end of the first quarter of 2018. Opec’s own compliance with the cuts has been questioned, and the producer group said in a report this week that its output rose by 336,000 barrels a day in May to 32.14-million barrels a day. Adding to the glut is an ongoing rise in US production driven by shale drillers, which has pushed US output up by 10% over the past year to 9.3-million barrels a day, not far off top exporter Saudi ...
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