Media ININ Economy We Trust
Media IN 25-6-2018
Oil prices fell slightly on Monday, as traders consider an expected production increase of 1 million bpd following the OPEC meeting in Vienna last week.
Brent crude futures were down $ 74.25 a barrel, down 1.7 percent from the previous close.
US WTI futures traded at $ 68.42 a barrel, down 0.2 percent, as it received more support than Brent due to a slight drop in US drilling activities and a supply cut from Canada.
Prices jumped initially after the announcement of OPEC’s agreement late last week, believing that the agreement did not support supplies as much as some had expected.
OPEC and non-OPEC partners, including Russia since 2017, have been cutting output by 1.8 million bpd to cut market supplies and raise prices.
In the United States, US energy companies cut the number of oil drilling platforms by one refinery, the first cut in 12 weeks, reducing the total number of drilling rigs to 862, Baker Hughes said Friday.
