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Business

REUTERS
November 15, 2017

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Oil slips

Oil slips

Singapore :Oil prices fell on Tuesday as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the market.

Brent crude futures were at $62.94 per barrel at 0415 GMT, down 22 cents, or 0.35 percent, from their last close. U.S. West Texas Intermediate (WTI) crude was at $56.62 per barrel, down 14 cents, or 0.25 percent. The falls came after both crude benchmarks early last week hit highs last seen in 2015, but traders said the market had lost some momentum since then.

Traders said they were cautious on betting on further price rises. "Prices are starting to look like a pause or pullback is needed," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. This sentiment comes in part on the back of rising U.S. oil output , which has grown by more than 14 percent since mid-2016 to a record 9.62 million barrels per day (bpd).

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