London — Oil prices fell on Wednesday, hit by rising supplies in the US and the expectation that producer cartel Opec may relax voluntary output cuts.Benchmark Brent crude oil was down 35c at $75.53 a barrel by 7.30am GMT. US light crude was 40c lower at $65.96.Opec and some non-Opec producers, including Russia, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60% over the past year.But Opec said on Tuesday the outlook for the oil market in the second-half of this year was highly uncertain, and warned of downside risks to demand.Opec will meet on June 22 in Vienna, Austria, to discuss future production policy."The prospect of easing supply curbs from Opec-led producers continues to be reflected in oil’s overall depressed price," said Lukman Otunuga, analyst at futures brokerage FXTM.Dutch bank ING, however, said some Opec members would "struggle to push production back to October 2016 levels". In the US, the American Petroleum Ins...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.