Oil falls as record US supply counters Opec cuts
Brent loses ground amid plentiful supply as US firms increase exports in competition with traditional producers from the Middle East
Singapore — Oil prices fell on Monday, giving up earlier gains, squeezed by plentiful supply and US firms in particular increasing exports in competition with traditional producers from the Middle East in key markets like Asia. International Brent crude oil futures were at $66.88 a barrel at 4.49am GMT, down 24c, or 0.4%, from their last close. They ended Friday little changed after touching their highest since November 16 at $67.73 a barrel. US West Texas Intermediate (WTI) crude futures were at $57.11 a barrel, down 15c, or 0.3%, from their last settlement. WTI futures climbed 0.5% on Friday, having marked their highest since November 16 at $57.81 a barrel. Traders said the dips were a result of ample oil supply amid surging exports from the US, forcing other producers especially in the Middle East to start offering their crude at discounts. Under pressure from a surge in US supply, Abu Dhabi’s flagship Murban crude has sold at a discount in Asia to its official selling price (OSP...
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