Oil prices fall further as soaring US production comes back into focus
Singapore — Oil prices fell on Tuesday, extending losses from the previous session, as the inexorable rise in US crude output weighed on markets. US West Texas Intermediate (WTI) crude futures were at $61.25 a barrel at 4.14am GMT, down 11c or 0.2% from their previous close. Brent crude futures were at $64.85 a barrel, down 10c or 0.2%. Both crude benchmarks dropped about 1% in their Monday sessions. "Oil prices fell on the back of concerns that surging US production … could push inventories in the US higher," ANZ bank said on Tuesday. US crude oil production soared past 10-million barrels a day in late 2017, overtaking output by top exporter Saudi Arabia. US production is expected to rise above 11-million barrels a day by late 2018, taking the top spot from Russia, according to the International Energy Agency (IEA). The rising US output is largely due to onshore shale oil production. US crude production from major shale formations is expected to rise by 131,000 barrels a day in Apr...
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