Oil Prices Dip As US Oil Production Soars

On Friday more than 1% oil prices dipped with US futures slipping below USD 45/barrel, this news rise in the US production squeezed the prices. US West Texas Intermediate crude futures were at USD 44.95/barrel, which is down by 57 cents or 1.3% and Brent crude futures were trading down by 58 cents or 1.2% at USD 47.53/barrel.

As EIA (Energy Information Administration) this news falling crude and gasoline inventories in the US, US crude inventories fall by 6.3 million to 502.9 in the week of June 30. In the month of June OPEX exported 25.92 million/barrel bpd, 450,000 bpd more than in the May and 1.9 million bpd more than a year earlier.

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Suhani Verma

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