Photo: ReutersSingapore: Brent crude oil futures dipped for a second session on Monday, with prices coming under pressure from record US output and expectations of higher supplies from the Organization of Petroleum Exporting Countries (Opec). But US West Texas Intermediate (WTI) crude futures gained 6 cents, or 0.09%, to $65.87 a barrel. Crude oil production rose to another record, while drilling activity picked up again.”“We are going into summer, the high demand season, and I think we are going to see a fall in US crude oil inventories, but shale oil output is growing. US crude production rose in March to 10.47 million barrels per day (bpd), a monthly record, the Energy Information Administration said on Thursday. Hedge funds and other money managers cut their bullish wagers on US crude futures and options, according to data released on Friday, as oil prices slumped on oversupply fears.

Source: Mint June 04, 2018 04:30 UTC