• Oil prices are falling for expectations that OPEC may increase production


    ‚ÄčSINGAPORE (Reuters)


    Oil prices fell today on expectations that OPEC members will raise production in the face of concern about supply from Venezuela and Iran.

    The prices were also affected by a sudden increase in the US crude inventories, which is pushing the price difference between Brent and US WTI closer to a three-year high.

    At 0600 GMT, Brent crude futures were down 37 cents, 0.46 percent, at $ 79.43 a barrel.

    West Texas crude fell 27 cents, 0.38 percent, to $ 71.57 a barrel.

    Sources in OPEC and the oil sector told Reuters that the Organization of the Petroleum Exporting Countries may decide to increase oil production to compensate for the decline in supply from Iran and Venezuela amid Washington's fears of a rise in crude prices.

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