Brent crude futures were at $65.81 per barrel at 1222 GMT, down $0.05 from their last settlement. US West Texas Intermediate (WTI) crude oil futures were down $0.41 at $56.15 per barrel. Oil drops towards $65 as Libya’s biggest field restartsChevron Corp and Exxon Mobil Corp released rival Permian Basin projections on Tuesday, pointing to increased shale oil production. “An increase in US crude inventories is weighing on oil prices and in the long term, concerns over rising oil production in the Permian region are keeping a lid on prices,” said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul. Oil prices rise on trade deal hopes, OPEC cutsOfficial data from the US government’s Energy Information Administration was due later on Wednesday.

Source: The Express Tribune March 06, 2019 15:56 UTC