Oil falls on US drilling but OPEC cuts support market

Rising drilling activity means output is likely to grow further

Reuters November 28, 2017

LONDON: Oil prices fell on Monday, with US crude easing from two-year highs on prospects of higher output, but losses were limited before an Organization of the Petroleum Exporting Countries (OPEC) meeting that is expected to extend output limits.

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Brent crude oil LCOc1 was down 10 cents at $63.76 a barrel by 1430 GMT. US light crude was 70 cents lower at $58.25. US crude oil production C-OUT-T-EIA has risen by 15% since mid-2016 to 9.66 million barrels per day (bpd), not far from top producers Russia and Saudi Arabia. Rising drilling activity means output is likely to grow further.

Published in The Express Tribune, November 28th, 2017.

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