On Thursday, WTI crude prices ended lower by 1.0 percent to close at $65.2 per barrel. Worries over increasing global supply pushed the prices lower. OPEC announced that it will soon increase the output to cover for a decline in exports from Iran which might severely tighten the global supply. US Crude inventory surged to its highest levels in over a year and half over rising imports and significant increase in the refinery production. The United States has become the world's largest Oil producer leaving Russia and Saudi Arabia behind by producing over 12.2 million barrels per day. Increasing output by U.S. continues to pressurize the prices.
Outlook
Concerns over increasing global supply amid record high output might push Oil prices lower. On the MCX, oil prices are expected to trade sideways to lower today; international markets are trading lower by 0.55 percent at $64.85 per barrel.
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