You are here: Home » Reuters » News
Business Standard

Oil falls for third day, knocked by rising U.S. output

Reuters  |  LONDON 

By Amanda Cooper and Polina IvanovaLONDON (Reuters) - Oil declined on Tuesday for a third day running as evidence of rising U.S. output and a gloomier outlook for demand growth in a report from the International Energy Agency (IEA) weighed on prices. Brent crude futures were down 71 cents at $62.45 a barrel by 1510 GMT, while U.S. West Texas Intermediate (WTI) futures fell 64 cents to $56.12.Last week, both benchmarks hit their highest levels since 2015, but traders said the market had lost some momentum since then.The IEA on Tuesday delivered a surprisingly downbeat outlook for oil demand ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Tue, November 14 2017. 20:51 IST