London — Oil prices fell on Friday after a consultancy report forecast a rise in Opec production for July despite the group’s pledge to curb output, reigniting concerns the market will stay awash with crude. Petro-Logistics, which tracks Organization of the Petroleum Exporting Countries (Opec) supply forecasts, said Opec crude production would rise by 145,000 barrels per day (bpd) this month, taking the group’s combined output above 33-million bpd. Higher supply from Saudi Arabia, the United Arab Emirates (UAE) and Nigeria would drive this month’s gains, it said. Benchmark Brent crude futures were down 23 cents at $49.07 a barrel at 1.22pm GMT, while US West Texas Intermediate (WTI) crude futures traded at $46.68 a barrel, down 24 cents. Opec and some non-Opec states, such as Russia, pledged to cut production by 1.8-million bpd between January this year and the end of March 2018. The UAE energy minister, whose country’s oil output has been rising, said on Friday he was committed to ...
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