Oil price tumbles on increased US output
US output has climbed 2.4-million bpd since January 2018 and stockpiles of crude and refined products have risen sharply, data shows
London — Oil prices fell 2% on Thursday after US crude production neared an unprecedented 12-million barrels per day (bpd) and concern grew over weakening demand, particularly in the light of the trade dispute between the US and China. Brent crude oil futures were down $1.08 at $60.24 a barrel by 1.10pm GMT, while US crude futures fell by the same amount to $51.23. The price of oil remains about 20% up on the 18-month low registered in late December, but investors appear loath to push crude much higher without evidence that relations between Washington and Beijing are improving, analysts said. "Brent needs to move past $62 before we can talk about $65," BNP Paribas head of commodities Harry Tchilingurian told the Reuters Global Oil Forum. "From there, the door will be open to target $70, (if) we do not have negative news emerging around US-China trade talks that caused high levels of angst and de-risking last December." Soaring US crude output, which neared a record 12-million bpd i...
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