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Oil prices at 3-week low as rising output risks Opec-led output cuts

Opec agreed last week to extend deal to cut production by about 1.8 mn barrels per day until March

Scott DiSavino | Reuters  |  London 

Oil prices fell to a three-week low on Wednesday with Brent set for its fifth monthly loss despite Opec-led output cuts to reduce a global glut to try shore up prices. Output from the Organization of the Petroleum Exporting Countries (Opec) rose in May, the first monthly increase this year, a Reuters survey found, as higher supply from two Opec states exempt from a production-cutting deal, Nigeria and Libya, offset improved compliance with the accord by others. Opec and other producers, including Russia, agreed last week to extend a deal to cut production by about 1.8 ...

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First Published: Wed, May 31 2017. 22:54 IST
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