Tuesday, March 9

Oil prices drop after OPEC production increased

BAGHDAD, Oil prices fell on Tuesday after a report showed OPEC production hit a high level for 2018 in July, and fears of supply disruption have reduced losses.

"Brent crude for September delivery fell 7 cents to 74.90 dollars a barrel at 01:09 GMT and 9.4 minutes in Iraq time, after rising 68 cents, or 0.9 percent on Monday," the Reuters / Economic Bulletin said.

US WTI crude contract prices also fell 6 cents to $ 70.08 a barrel, after rising more than 2% in the previous session.

According to Reuters, OPEC increased its production in July by 70,000 barrels per day to 32.64 million barrels per day, a high level for 2018. Further increases in supplies would offset production disruptions in some areas and absorb the impact of price pressures.

Traders said US crude gains yesterday came on speculation that US crude stocks fell last week and fears that production at the Synchrode facility in Canada would be halted would not be overcome as soon as expected.

Oil prices have recovered from low levels that have fallen over the past two weeks, while sanctions on Iran have begun to cut exports from that country.

Source: National Iraqi News Agency