Oil prices fell on Tuesday after Venezuela said that global crude supplies needed to fall by 10 percent in order to bring production down to consumption levels, confirming analyst views that markets remain heavily over supplied. Global oil supply of 94 million barrels per day needs to fall by about a tenth if it is to match consumption, Venezuela’s Oil Minister Eulogio Del Pino said on Monday. International benchmark Brent crude oil futures LCOc1 were trading at $45.80 per barrel at 0048 GMT, down 15 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 25 cents at $43.05 a barrel. “Global production is at 94 million barrels per day, of which we need to go down 9 million barrels per day to sustain the level of consumption,” Del Pino […]