Oil markets dipped on Tuesday, pulled down by rising US shale output and fears that another hurricane hitting the Caribbean could knock out refineries and disrupt shipping to and from the United States. US West Texas Intermediate (WTI) crude futures CLc1 were at $49.83 per barrel at 0537 GMT, down 8 cents from their last settlement. Output across seven shale plays is forecast to rise by nearly 79,000 barrels per day (bpd) to 6.1 million bpd, according to the US Energy Information Administration’s monthly drilling productivity report. Outside the United States, Brent crude futures LCOc1, the international benchmark for oil prices, were down 15 cents at $55.33 a barrel. Some price support came from data showing Saudi crude exports falling to 6.693 million bpd in July, down from 6.889 million bpd in June.

Source: Dhaka Tribune September 19, 2017 06:00 UTC