Oil Falls on Production Surge

3 Oct 2017   Prices

Oil prices pulled back on Monday, weighed down by a strong dollar and data pointing to rising global production . Prices have been on the rise, but gave up recent gains Monday as the rally ran out of steam. U.S. crude futures fell $1.09, or 2.11%, to $50.58 a barrel on the New York Mercantile Exchange, their lowest settlement since Sept. 8. Brent, the global benchmark, fell 67 cents, or 1.18%, to $56.12 a barrel on ICE Futures Europe. “There were definitely naysayers on the rally. Clearly, you can point to some things” said Michael Hiley, a trader at LPS Futures, noting rising production figures. “People are responding to breaks out of a narrow range, piling on.” Investors are growing concerned about a recent Reuters poll showing output among the Organization of the Petroleum Exporting Countries rose by 50,000 barrels a day in September as the cartel’s overall compliance […]

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