Photo: ReutersSingapore: Oil prices dropped more than 1% on Friday as a bounce-back in US production outweighed ongoing declines in crude inventories. Traders said the lower prices were prompted by a recovery in US oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere. US crude oil production stood at 9.75 million barrels per day (bpd) on 12 January, data from the Energy Information Administration showed. Overall, however, oil prices remain well supported, and most analysts do not expect steep declines. In the United States, crude inventories fell 6.9 million barrels in the week to Jan. 12, to 412.65 million barrels.

Source: Mint January 19, 2018 09:00 UTC