Oil prices drop as rising supplies meets global economic gloom
Oil prices are on course for their fourth consecutive week of declines, as US crude output tops 11-million barrels per day
London — Oil fell on Thursday, on course for its fourth consecutive week of decline, as rising crude supply met the bearish combination of concern over global growth and weak equity markets. Russia is pumping oil at a post-Soviet high, US crude output has topped 11-million barrels per day (bpd) and a Reuters survey of oil cartel Opec production shows the group more than made up for any declines in Iranian shipments in October. Brent crude futures were down 79c at $74.25 a barrel by 10.43am GMT, while US futures fell 53c to $64.78 a barrel. “Given these [output] numbers, with Russia pumping hard and the US and Opec as well, and we are not really seeing a pick-up in demand for another month ... it could indicate we’re back to the good old $70 to $80 range that persisted throughout April and August,” Saxo Bank senior manager Ole Hansen said. A Reuters survey on Wednesday showed that Opec raised oil production last month to its highest since 2016, led with gains by the United Arab Emira...
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