Oil drops as US crude out­put rises

Muscat Daily - - BUSINESS -

Oil de­clined as traders gave more weight to gov­ern­ment data show­ing an in­crease in US out­put than to num­bers re­port­ing fall­ing stock­piles.

Fu­tures fell 0.6 per cent in New York. While crude in­ven­to­ries de­clined by 1.53mn bar­rels last week, pro­duc­tion rose to the high­est since July 2015, ac­cord­ing to data from the En­ergy In­for­ma­tion Ad­min­is­tra­tion on Wed­nes­day. West Coast crude sup­plies fell by 2.85mn bar­rels, the big­gest drop since De­cem­ber 2014. The re­gion is of­ten ig­nored by traders be­cause its dis­tri­bu­tion sys­tem is iso­lated from the rest of the coun­try.

West Texas In­ter­me­di­ate for Septem­ber de­liv­ery dropped 28 cents to US$48.88 a bar­rel at 10:40am on the New York Mer­can­tile Ex­change. Brent for Oc­to­ber set­tle­ment fell 14 cents to US$51.64 a bar­rel on the Lon­don-based ICE Fu­tures Europe ex­change.

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