Oil Prices Dip On Swelling U.S. Supply; OPEC Output Cuts Loom

www.oann.com | 6/9/2016 | Staff
SINGAPORE (Reuters) – Oil prices slipped on Friday after the United States reported a 10th straight weekly gain in commercial crude reserves amid record output.

U.S. West Texas Intermediate (WTI) crude futures were at $51.30 per barrel at 0023 GMT, down 15 cents, or 0.3 percent from their last settlement.

International - Brent - Crude - Oil - Futures

International Brent crude oil futures had yet to trade.

U.S. commercial crude oil inventories rose by 3.6 million barrels in the week to Nov. 23 to 450.49 million barrels, the Energy Information Administration (EIA) said this week. Production remained at a record 11.7 million barrels per day (bpd).

Crude - Reserves - Barrels - Percent - Barrels

Crude reserves increased 6.4 billion barrels, or 19.5 percent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970, the EIA said.

The surge in U.S. supply is part of an emerging oil glut following production increases also in Russia and by...
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