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Oil prices slip on rising supplies in US; Opec may relax output cuts

OPEC will meet on June 22 in Vienna, Austria, to discuss future production policy

Reuters  |  London 

Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts. Benchmark Brent crude oil was down 35 cents at $75.53 a barrel by 0730 GMT. US light crude was 40 cents lower at $65.96. The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 per cent over the last year. ALSO READ: Dollar nearing peak but oil remains a headwind: Morgan ...

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First Published: Wed, June 13 2018. 13:56 IST