Crude oil prices hover around 6-months low

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Oil prices in the international markets in the early trading hours of Friday dipped to near its six months low value. Oil prices have been reeling under pressure despite OPEC’s efforts to cut the production and prop up prices. Oil output in US has increased over 10% over the past year to 9.3 million barrels per day and the Energy Information Administration’s (EIA) latest study reveals that the US crude production is expected to increase to 10 million barrels per day.

As of 0615 IST, Brent crude futures were trading down by 6 cents at around USD 46.86 per barrel. US West Texas Intermediate (WTI) crude futures were trading lower by 8 cents or 0.02% at around USD 44.38 per barrel.

Since late May, prices for both the benchmarks have declined by more than 13%. Organisation of the Petroleum Exporting Countries (OPEC) extended the production cut of crude oil by 1.8 million barrels per day by an extra nine months until the end of first quarter of 2018.

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