Oil is falling and heading for a weekly drop amid growing US production

Media In / Singapore  03 -05-2019
Oil prices have been revised today, paving the way for a weekly drop as an increase in US production is expected to begin with access to world markets soon.
At 0646 GMT, Brent crude futures were trading at $ 70.49 a barrel, down 26 cents, or 0.4 percent from their previous close. US crude was down 11 cents, or 0.2 percent, at $ 61.61 a barrel.
Brent is heading for a weekly drop of more than 2 percent, while West Texas Intermediate has dropped about 2.5 percent since the start of the week, which will be its second weekly decline in a row.