Oil prices fall on talk that Opec could step up production
A surprise bump in US inventories is adding to the downward pressure on prices
Seoul — Oil prices fell on Thursday on expectation that members of the Opec cartel will step up production in the face of concern about supply from both Venezuela and Iran. A surprise build-up in US crude inventories also weighed on prices, driving the spread between Brent crude and US West Texas Intermediate (WTI) close to its widest in three years. International benchmark Brent futures were down 27c or 0.34% at $79.53 a barrel at 3am GMT. US West Texas Intermediate (WTI) crude futures were down 17c or 0.24% at $71.67 a barrel. The Organisation of the Petroleum Exporting Countries (Opec) may decide to increase oil output to make up reduced supply from Iran and Venezuela, in response to concern from Washington over a rally in oil prices, Opec and oil industry sources told Reuters. Concern about supply from Iran and Venezuela, following new US sanctions, had pushed both Brent and WTI to multiyear highs, with Brent breaking through the $80 threshold last week for the first time since ...
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