Singapore — Oil prices fell on Wednesday, pulled down by rising supplies in the US and the expectation that voluntary output cuts led by producer cartel Opec could be loosened. Brent crude futures, the international benchmark for oil prices, were at $75.65 a barrel at 3.29am GMT, down 23c or 0.3% from their last close. US West Texas Intermediate (WTI) crude futures were at $65.99 a barrel, down 37c or 0.6% from their last settlement. The Organisation of the Petroleum Exporting Countries (Opec), together with some non-Opec producers including Russia, started withholding output in 2017 to reduce a global supply overhang and push up prices. Opec said on Tuesday that the oil market outlook in the second half of 2018 was highly uncertain and warned of downside risks to demand. The group is due to 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 a...
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