• Oil is falling and heading for a weekly drop amid growing US production



    *SINGAPORE (Reuters)


    Oil prices fell on Friday, which is paving the way for a weekly drop with an increase in US production that is expected to start reaching world markets soon.

    At 06:46 GMT, Brent crude futures were $ 70.49 a barrel, down 26 cents, or 0.4 percent from their previous close.

    US crude futures West Texas Intermediate fell 11 cents, or 0.2 percent, at $ 61.61 a barrel.

    Brent is heading for a weekly drop of more than 2 percent, while the West Texas Intermediate fell about 2.5 percent since the beginning of the week, which will be its second weekly decline in a row.


    Mihir Kapadia, CEO of Sun Global Investments, said, "Oil prices have fallen as the record levels of US production continue to affect."

    US crude oil production hit a record 12.3 million bpd last week, up about 2 million barrels per day over the past year.

    US crude exports broke the three million barrels per day barrier for the first time this year, according to data from the Energy Information Administration.​

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