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Oil prices hover around 7-month low levels on doubts over Opec's output cut

On the other hand, production in the US has also jumped by 10% over the past year to 9.33 mn bpd

Reuters  |  Singapore 

Oil prices hovered near their lowest levels in seven months early on Thursday, hurt by high global inventories and doubts over the Organisation of the Petroleum Exporting Countries' (Opec) ability to implement production cuts. Brent crude futures were at $46.92 per barrel at 06:43 GMT, down 8 cents from their last close and after slumping nearly 4 per cent in the previous session. US West Texas Intermediate (WTI) crude futures were down 14 cents at $44.58 per barrel. Both benchmarks are near levels from late November 2016 when production cuts led by Opec were announced in ...

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First Published: Thu, June 15 2017. 13:45 IST