Oil Prices Fell As Increased Production Expected

Dubai – Massader News

Oil prices fell at the end of Tuesday trading, and the price of crude oil futures, “Brent” dropped  more than 1% to 66.93 dollars a barrel, with expectations of increased production, according to a report published by Mubasher.

US crude futures Nymex for March delivery closed down  by1.2%, or 76 cents, to settle at $ 63.39 a barrel. Oil prices were affected by the decline in the US equities markets with expectations of increased US oil production.

 The US Energy Information Administration is due to release data on US oil inventories last week.

  The US Energy Information Administration raised its forecast for oil production in the United States in 2018 and 2019 to 10.59 and 11.18 million bpd, up by 3.1 percent from previous estimates, according to Mubasher.

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