Oil falls on rising US production, stockpile build
Oil prices fell nearly 1 per cent on Wednesday as bullish output forecasts by two big US producers and a build in US crude stockpiles outweighed ongoing OPEC-led efforts to rein in crude production.
International Brent futures were down 55 cents, or 0.8 per cent , at $65.31 a barrel at 0209 GMT.
US West Texas Intermediate (WTI) crude futures were at $56.05 per barrel, down 51 cents, or 0.9 per cent .
“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.
