London — Oil prices fell on Wednesday after industry data showed a build in US crude stocks and Opec reported a rise in its production despite a pledge to cut output. Brent crude oil was down 45c a barrel at $48.27 by 7.55am GMT. US crude was 50c lower at $45.96. Crude prices have fallen more than 10% since late May, pulled down by heavy global oversupply that has persisted despite a move led by oil cartel Opec to curb production. Opec and other exporters such as Russia have agreed to keep production almost 1.8-million barrels a day below the levels pumped at the end of 2016 and not to increase output until the end of the first quarter of 2018. But adherence to the cuts is under scrutiny and the producer group said this week that its output rose by 336,000 barrels a day in May to 32.14-million barrels a day. Oil stocks are near record highs in some parts of the world, and producers that are not part of the Opec deal are increasing output. Shale supply has pushed US crude production ...
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