Oil set for weekly decline amid surging US output, expected Opec increase
Brent crude futures slide 37c as US crude oil production hit a record 12.3-million barrels per day last week
Singapore — Oil prices on Friday were set to fall for the week as surging US output and an expected supply increase from the Organization of the Petroleum Exporting Countries (Opec) weighed on markets. Brent crude oil futures were at $70.38 per barrel at 4.40am GMT, down 37c, or 0.5%, from their last close. US West Texas Intermediate (WTI) crude futures were down 20c, or 0.3%, at $61.61 per barrel. Brent is set for a weekly fall of 2.5%, while WTI has declined 2.6% so far, its second straight weekly drop. “Oil prices have fallen as the pressure of record US output levels continues to weigh,” said Mihir Kapadia, CEO of Sun Global Investments. US crude oil production reached a record 12.3-million barrels per day (bpd) last week, rising by about 2-million bpd over the past year. US crude exports broke through 3-million bpd for the first time this year, according to data from the Energy Information Administration. Traders said prices also fell as Russia started sending clean oil through...
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