Forecast for oil supply rise causes price drop

The oil price dropped back below $50 a barrel again after a report said crude production looked set to push higher this month, despite efforts to curb supply and drive up prices. The report said production would rise by 145,000 barrels per day this month, due to higher volumes from Saudi Arabia, the United Arab Emirates and Nigeria, which would take total output from Opec to 33m barrels per day.