WTI Crude Oil Prices Fall Over Record Production in the US - Forex News by FX Leaders

WTI Crude Oil Prices Fall Over Record Production in the US

Posted Friday, May 3, 2019 by
Arslan Butt • 1 min read

The steep fall in WTI crude oil prices continues into Friday, this time on account of higher crude production in the US and hopes of an increase in supply from OPEC soon. Prices have fallen well below $63, down to $61.69 at the time of writing.

US crude oil production touched a record high of 12.3 million bpd last week, 2 million bpd higher than the same period last year. According to the most recent EIA report, US crude exports have also increased to 3 million bpd in 2019.

The higher oil production by the US has helped offset reduction in supply in oil markets caused due to production cuts by OPEC, the Venezuelan crisis and upcoming sanctions on Iranian oil. Looks like the sharp rise in oil prices that started early this year is set to reverse soon.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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