Issue No. 10566 Wednesday, March 14 2018, corresponding to 26 Jumada II 1439
Oil fell on Tuesday, extending losses from the previous session as markets were affected by the continued increase in US crude production.
US WTI hit $ 61.18 a barrel by 07:47 GMT, down 18 cents, or 0.3 percent, from the previous close. Brent crude futures were $ 64.77 a barrel, down 18 cents, or 0.3 percent.
Crude fell about 1 percent yesterday.
“Oil prices have fallen as a result of fears that a rise in US production will lead to an increase in inventories in the United States,” ANZ said.
The strong demand and production constraints imposed by a group of producers, led by Opec and Russia, are preventing a larger fall in prices.