WTI Crude
63.90
Brent Crude
69.34
Natural Gas
3.14

Oil prices up, but rising US production tempers gains

Written by AEN Staff at The American Energy News

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Oil prices rose as the shutdown of the UK’s Forties pipeline and OPEC-led supply cuts continued. As well, data to be released later on Tuesday and early Wednesday is expected to show US crude stocks declined for the fifth straight week.

By 1:31 p.m. EST, Benchmark Brent had risen by 34 cents to $63.25/barrel and US WTI was up 36 cents to $57.58.  The Canadian Crude Index was down to $33.73.

Investors remain concerned that rising US production will undercut OPEC’s efforts to cut the global glut of crude.

On Monday, the US Energy Information Administration released its monthly drilling activity report showing US shale output next month is forecast to increase by 94,000 barrels per day (b/d) to 6.41 million b/d.

CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLSIHER


Written by AEN Staff at The American Energy News

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