Oil Prices Drop After Production Increase – WSJ

13 Jul 2017   Prices

Crude futures prices fell Thursday as increased global oil production overshadowed news of declining inventories and a prediction of higher global demand.  Oil was hit as investors continued to digest news from Wednesday of increased production. While U.S. oil inventories logged their 11th decline in 13 weeks, and the largest since September, daily average output was nearly 9.4 million barrels, the highest figure for a week in two years. Libyan and Nigerian oil production is also increasing, adding to the bearish mood.  Prices “are likely to remain at the lower end of the recent trading range until U.S. oil investment and production decline,” said Rob Haworth, senior investment strategist atU.S. Bancorp Wealth Management.

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