Oil dips away from mid-2015 highs as higher output looms

3 Jan 2018   Prices

Oil prices on Wednesday dipped away from the mid-2015 highs reached the previous session as high output in the United States and also Russia undermined ongoing efforts led by OPEC to tighten the market. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.34 a barrel at 0739 GMT, down 3 cents from their last close, though still not far off the price of $60.74 reached on the previous day that was the highest since June 2015. Brent crude futures LCOc1 – the international benchmark for oil prices – were at $66.49 a barrel, down 8 cents but still not far off the price of Tuesday’s high of $67.29 that was the most since May 2015. Traders said the dips followed indications that markets had recently overshot as U.S. production is set to rise further and doubts are emerging about whether demand growth can continue […]

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