SYDNEY: OilNSE 0.17 % prices fell more than 0.5 per cent on Wednesday as bullish output forecasts by two big US producers outweighed recent OPEC-led efforts to rein in crude production.
US West Texas Intermediate (WTI) crude futures were at $56.15 per barrel, down 41 cents, or 0.7 per cent. WTI futures closed little changed on Tuesday.
International Brent futures had yet to trade after closing up 0.3 per cent on Tuesday.
“Oil is likely to play ‘tug of war’ here, with production cut promises to be countered with rising output from the US,” said Edward Moya, senior market analyst, OANDA.
