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Crude oil falls as July OPEC oil output reportedly set to surge

Published 07/21/2017, 11:06 AM
© Reuters.  Crude oil falls as July OPEC oil output reportedly set to surge
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  • Crude oil prices sink, wiping out the week's gains, following a report that OPEC supply will rise this month; WTI crude -1.6% at $46.14/bbl, Brent -1.4% at $48.58.
  • OPEC's July oil supply appears set to rise by 145K bbl/day from June and more than 600K bbl/day over the H1 average, driven by higher output from Saudi Arabia, the UAE and Nigeria, Reuters reports, citing data from PetroLogistics, which tracks OPEC supply forecasts.
  • Oil markets already are anxious ahead of next week's meeting between OPEC and non-OPEC members to discuss compliance of agreed production cuts and how to bring down inventory levels.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: Faltering Friday - Will Oil Drag The Markets Down In August?


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