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Business

REUTERS
June 14, 2018

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Oil drops

Singapore : Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts.

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Benchmark Brent crude oil was down 35 cents at $75.53 a barrel by 0730 GMT. U.S. light crude was 40 cents lower at $65.96.The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 percent over the last year. But OPEC said on Tuesday the outlook for the oil market in the second-half of this year was highly uncertain, and warned of downside risks to demand.

OPEC will meet on June 22 in Vienna, Austria, to discuss future production policy. "The prospect of easing supply curbs from OPEC-led producers continues to be

reflected in oil´s overall depressed price," said Lukman Otunuga, analyst at futures brokerage FXTM.

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