Oil prices drop as US production hits record highs
- FX Market
- 1 month ago
Oil prices have taken a hit as the U.S. outputs increased to a record 12 million barrels per day, going against the modus operandi intended by OPEC and Saudi Arabia to cut production in order to stabilize global markets.
The figures show that U.S. crude output has increased by 2.5 million barrels per day since the beginning of 2018 and, if going further back, a colossal 5 million barrels per day since 2013 alone.
WTI crude oil futures fell by 0.2% to $56.85 per barrel while Brent crude futures are yet to trade.
Source: Smart Trend Team